The Alki Homestead Restaurant owners, Tom Lin and Patrick Henley, have put the business back on the market two years after purchasing it.

"Restaurants aren't really our forte," said Henley. "We are better at other things. It's time for us to move on."

Lin and Henley said they wanted to assuage any fears the beloved 58-year-old restaurant might drastically change under new ownership. That was a worry among some in the community when the two took it over in 2006.

"We really (have been) stewards for this place and we want it to stay the same," said Henley. "Whoever comes in here is going to do the same thing."

"We are going to be very choosy about a buyer," Lin added. "Money may not be the main objective."

Henley said he's looking for a buyer who "understands the historic value of the building."

The log structure that contains the Alki Homestead Restaurant was built in 1903-04 as a summer home for William and Gladys Bernard. Once called Fir Lodge, the building and its interior have city landmark status, meaning they cannot be changed without approval of the Seattle Landmarks Preservation Board.

So, the private developers aren't interested in selling to someone who would replace the restaurant with something generic like a Mongolian grill or Subway.

According to the ad on Craig's List, the business is for sale for $495,000. Lin and Henley will still own the building and the property, which were purchased for $1.2 million in 2006.

Henley said the price could be negotiated and he'd even be willing to cover some of the loan for the right buyer.

"If we like the person, we are willing to do almost anything to get them in here," said Henley.

Lin and Henley acknowledged it would be a delicate transition given the emotional connection many faithful customers have with the Homestead. People come from as far as Florida and as close as next door to eat in the historic dining room.

Lin said he still gets calls weekly from people asking if the restaurants' signature fried chicken is still on the menu. It is, he said, and it will continue to be.

The restaurant has been a struggle from the start for the business partners. Neither had a background in managing a restaurant and they had to do a lot of groundwork to prove to long-time customers their intentions were to preserve the business.

"I think we've done a great job of keeping the integrity of the restaurant," said Lin.

Added stress in their personal lives also led to the decision to sell.

Lin lost his mother a few months ago to cancer and his elderly father lives with him at his Alki home. Losing his mother was "painful" and he wants more free time to spend with his father.

"You get to a certain point when you have to decide what your priorities are," Lin said. "It's just a lot to deal with."

Henley's father was killed last year from a collision with a drunk driver. He's still handling related court proceedings as well as the emotional toll of losing his father so suddenly.

Still, giving up the Homestead is "bittersweet" for Henley.

"It's a really great place to be a part of," he said.

The Homestead isn't the only downsizing they've been doing to relieve some of the pressure. The business partners also recently sold their pizza joint, Slices on Alki. Like with the Homestead, Lin and Henley retain the property.

Lin and Henley co-own the commercial property on Alki Avenue between 58th and Marine Avenues Southwest. They have 10 tenants, including a hair salon, an esthetician, Coastal surf shop, Slices and a new coffee and spirits shop, Pioneer Coffee Co.

Lin said the space Pioneer occupies sat empty for nearly two years because he couldn't find the right business. He prides himself on being picky about whom he leases to.

Plenty wanted the prime spot, directly across the street from popular Alki Beach, but Lin didn't want a bar or another restaurant that might have wanted to keep their doors open late, possibly disrupting nearby residents and businesses.

"We can't let one drag the others down ..." he said.

As for future development, the businessmen said it's possible they may want to redevelop the block someday, perhaps into a four-story luxury hotel that Lin has planned for in the past.

Since both Lin's and Henley's mothers spent time in a hospice before they died, another idea is to build housing for seniors, which could offer end-of-life care.

"It's not necessarily about the money, it's about what we can do effectively," said Lin.

Rebekah Schilperoort can be reached at 783-1244 or rebekahs@robinsonnews.com.