Some think Ballard is becoming another metropolis of condos, but as property values increase and business owners reach retirement age many are taking advantage of the opportunity to benefit from the fruits of their labor.

Considered staple landmarks of Ballard by many residents, Denny's for 43 years and Sunset Bowl for 31 years were two businesses seen as great hangouts for seniors and a place for the neighborhood to gather. But rising property values changed their futures and now they are gone.

Denny's closed in February and was sold to build an eight-story, 260-unit condominium. Sunset Bowl closed in April and was sold for over $13 million for apartments.

Beth Miller, executive director of the Ballard of Chamber Commerce, said that a lot of properties - like these - weren't being used to its maximum value, so the landowners sold.

"The fact that land is so very expensive really puts a different light on those that can afford to buy the land now," said Miller. "You are more apt to get development or investment companies who have plenty of capital than a simple individual to buy out a lot of the businesses around here."

Olsen's Furniture was a family-owned business that had been in Ballard for about 73 years and the owners decided to close their doors in February 2007.

Opened in 1933 during the height of the Great Depression, Harold Olsen started the shop by hand making and upholstering furniture.

"With several homes along Ballard Avenue in the past decades the company was called an "institution," a "model" and a "symbol" of old Ballard, before it was full of trendy shops and popular restaurants and bars," said a story at the time in the Ballard-News Tribune.

"When people ask why we are retiring, they don't realize that we have been here since we were 10 years old," Art Olsen son of Harold, told the newspaper. "Anytime you make a decision like that it takes a little time, the timing was just right. You got to get out there and enjoy yourself while you can."

Olsen said that he had also been a part of Ballard's history.

"You'll find that a lot of the old Ballard business workers were hard working industry people who were smart enough to buy property in an area that was considered blue collar," said the Chamber's Miller. "So I think there really were a lot of people who had worked hard and invested in land in Ballard and now they are at the retirement age and are selling off like Olsen's did. Olsen's does continue to own their building and have leased it out, so their presence is still in Ballard."

However, other businesses such as Phil's Body Shop and Jacobsen's Marine have found that it isn't quite their time yet to leave what they've helped build as the original Ballard.

Celebrating their 40th anniversary this year, Phil Blodgett started his body shop with only $500 and, with a lot of community support, staying focused and being highly motivated he has been able to remain in business.

"What we do is take care of people," said Lonnie Caraveo, manager of Phil's Body Shop. "People are retiring and they're getting out because of the prices of their property. But condos are making Ballard a huge metropolis. With Phil's it's a prime location and we've joked about tearing it down and changing it into a condo but never once in all the years has it ever crossed his mind. To me it's an amazing statement about his level of dedication to this community. He started out as a small shop and is now a good sized business."

Phil said he'd have Phil's going as long as he can because he enjoys fixing cars,

The shop's philosophy is that they do want to be a big dollar shop but what is number one is making sure people still have the ma and pa service type of feel that they know is a really important part of Ballard.

Like Phil's, Jacobsen Maritime is one of the few family-owned businesses that started here and is still here.

The company owns the property where it has been selling and servicing salt water sport-fishing boats since 1951, so they don't have the pressure of a landlord forcing them out.

"If we can stay we'll stay," said Greg Jacobsen. "I obviously grew up in Ballard but have lived in Kirkland for the past 20 years. It's that little part of downtown Ballard that's getting the facelift. But when I go to Ballard, although they say it's changing and I do see condos and developments I still feel a lot of the way that Ballard was when I was growing up."

Allison Espiritu may be reached at 783-1244 or allisone@robinsonnews.com.