Headquartered in Round Rock, Shop LC sells jewelry, gemstones, handbags, fashion accessories and more, according to previous Community Impact reporting.
The company was originally supposed to break ground on its new Cedar Park facility in early 2023 and open in mid-2024. However, the groundbreaking has been significantly delayed due to inflation, cost of construction and interest rates, Shop LC President Vineet Ganeriwala said.
Zooming in
Ganeriwala said the company resigned a lease in April for its building in Round Rock. The new lease will expire in June 2029.
“Because of all these increased costs, ... we’re back at the drawing board as to what, when and how,” he said.
Shop LC still owns the land located at 1500-1700 N. Bell Blvd., Cedar Park, and the company is not looking to sell it, Ganeriwala said. However, construction on the new facility will not be able to start for another few years.
If construction begins on the new facility in 2027, it will take roughly 18 months to reach completion, Ganeriwala said. However, the company will likely move into the new building after the new lease expires in 2029.
Also of note
Per the 2021 economic development performance agreement with the city of Cedar Park, Shop LC is responsible for building a 200,000-square-foot office with a $50 million capital investment. The company is also responsible for creating a $75.7 million payroll with 1,000 full-time employees by 2033.
Furthermore, Shop LC is expected to bring roughly 500-700 jobs to Cedar Park.
While Shop LC’s agreement with the city will not change, Ganeriwala said the company will be discussing the deadlines outlined in the agreement with city officials. He said the company has informed the city about the construction delays.
“We’re still committed to supporting Cedar Park even though we’re not there yet,” said Michelle Long, director of communication and corporate social responsibility at Shop LC.
