Greenbrier Mall is worth $61.6 million, according to a report from Tennessee-based CBL Properties.
CHESAPEAKE, Va. — Author’s note: The video above is on file from a story that aired in October 2021, about Greenbrier Mall’s 40th anniversary.
Greenbrier Mall in Chesapeake is under foreclosure after its owners have been unable to pay off the building’s loan.
CBL Properties, the Tennessee-based company that owns Greenbrier Mall and several other shopping centers across the country, shared the news in an end-of-year 2021 financial report.
The report details the mall going into “receivership,” which is when a lender is allowed to take steps to collect owed money, on March 10.
Greenbrier Mall is worth $61.6 million, according to the report.
RELATED: 13News Now Vault: Greenbrier Mall celebrates 40 years in Chesapeake
CBL mentions in its analysis that revenues could have been affected by stores being temporarily closed for COVID-19 restrictions in 2020 and 2021.
Once CBL sells off Greenbrier Mall and two other shopping centers, it will be able to pay off $153.7 million in debt.
13News Now reached out to Chesapeake Mayor Rick West to see how this foreclosure will impact businesses and what the future holds for the area.
West said city leaders are already conducting a study to figure out what to do next.
“We’re looking at all kinds of ideas considering what the public wants, are we considering traffic patterns, what’s the best economic development impact,” Mayor West said.
Mayor West said some business owners in the mall are aware of this situation and city planners will help them relocate.
“I’ve actually talked to some of the business owners and they’ve been aware for quite a while that there are issues. So, they’re looking at other places to relocate. There’s an active shopping area right across the street from greenbrier parkway that some have actually moved to,” said West.
Jason Smith owns the Black Pelican restaurant next to Greenbrier Mall.
“I’d hate to see it sit there and just get all overgrown and run down,” said Smith.
Smith said he hopes whoever buys the part of the property where his restaurant sits will help his business keep and gain more customers.
“Obviously having a business right beside it, it’s important. Whatever they decide to do could really have a positive or potentially a negative on the business,” said Smith.
Mayor West said several companies are already showing interests in the property.
“From mixed-use developments to ice hockey teams,” Mayor West said.
West has an idea for the property too.
“I would like to see it turn into some sporting event and hockey would be one I would be very interested in pursuing,” said Mayor West.
This news comes as Pembroke Mall in Virginia Beach is slated for partial demolition and the construction of new apartments, and developers pitch ideas to revamp Military Circle Mall in Norfolk.
Greenbrier Mall first opened its doors over 40 years ago and saw many years of financial success as a shopping staple for Chesapeake residents. But like many other malls, Greenbrier has seen struggles going back to before the pandemic with slower business and more store vacancies.