The company announced in February that it would close 30 percent of its theatres and halt plans for new projects as it works to repay $2 billion in debt. Wesbild Shopping Centers, which owns Westwood Village located at Southwest Barton Street and 25th Avenue Southwest, is gambling that the revamp center will attract solid national names like Old Navy.

Two national-chain restaurants also have been considering sites on the property that serves not only southwest Seattle shoppers but also commuters from nearby Vashon Island. Retailers have had difficulty committing to Westwood Village, which is perceived by many to be too geographically isolated. The median income in the area is greater than the Seattle average.