CHESAPEAKE, Va. (WAVY) — Virginia Beach-based developer Mike Sifen now owns the majority of Greenbrier Mall.

The sale of the core of the 55-acre property became final on April 1 to Sifen’s 1401 Greenbrier Parkway LLC. The final cost was $22.4 million.

Sifen was selected as winner of an auction that occurred at the end of February. The sale marks the end of a three year process that began when Tennessee-based CBL Properties lost the property in 2022 after they defaulted on a nearly $62 million loan balance.

Sifen’s company, Sifen, Inc., now owns all of the property, except Dillard’s department store.

Neither Sifen, nor his attorney were immediately available for comment on what future plans they may have for the space.

The mall, which first opened in 1981, has a 82% occupancy rate, with three of its four anchor stores remaining in operation: JCPenney, Macy’s and Dillard’s. There is also a Cinema Café on the ground floor.

Sifen Inc. has been in business more than 30 years.

“We pride ourselves in constructing exceptional and innovative retail, multi-story self-storage facilities and Class A office spaces,” its website said.

Sifen’s company was behind the development of Hampton Roads’ only Wegmans store.

Indoor shopping malls have suffered in recent years — with shoppers opting to shop online and at discount retailers over traditional department stores that tend to be more high-end.

The city of Chesapeake planning department is currently finalizing the Greenbrier Area Plan , which takes into account the best use of the mall property.

Mayor Rick West said he has spoken with Sifen and that he is willing to work with the city to find a common vision.

“Lots of conversations need to take place, but we have similar goals,” West said. “It needs to be like it was when it first opened — a destination.”