The historic Alki Homestead restaurant building, which has fallen into disrepair in recent years, has a new owner who plans to restore the West Seattle landmark, originally known as Fir Lodge.

"My plan would be to get it rehabilitated and then lease it out to somebody that would want to use that space, hopefully for a restaurant," owner Dennis Schilling announced Saturday during a press conference arranged by the Southwest Seattle Historical Society.

A six-unit apartment building, which Schilling plans to build on an adjacent parking lot, will help finance the restoration plans, he said.

A fire damaged part of the Alki Homestead building in 2009 and the it's been closed ever since then.

"Watching it over the last six years has been really hard," said Marcy Johnsen, who grew up in the neighborhood.

She called Saturday's announcement "historic" and is looking forward to once again enjoying the 111-year-old log structure, which was designated a city landmark in 1996.

There's no timeline for restoration, Schilling said, because he must work closely with the city to ensure the work meets standards set by the Seattle Landmarks Preservation Board.

"Your guess is as good as mine and all I can say is I've started the process," he said.