Development
BY ZACHARIA WASHINGTON
O cials with cable television shopping network Shop LC con rmed the start date for construction of the company’s Cedar Park headquarters will likely be in 2027. The company was supposed to break ground on the new facility in early 2023 and open in mid-2024. However, the groundbreaking has been signi cantly delayed due to in ation, cost of construction and interest rates, Shop LC President Vineet Ganeriwala said. Ganeriwala said the company resigned a lease in April for its building in Round Rock. The new lease will expire in June 2029. Shop LC still owns the land at 1500-1700 N. Bell Blvd., Cedar Park, and the company is not looking to sell it, Ganeriwala said. Shop LC’s new HQ hits delays
Also of note
Per a 2021 economic development performance agreement with the city of Cedar Park, Shop LC is responsible for building a 200,000-square- foot o ce 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. 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 o cials. He said the company has informed the city about the construction delays. If construction begins on the new facility in 2027, it will take roughly 18 months to reach completion, Ganeriwala said.
Shop LC is a cable television shopping network that sells jewelry, handbags, fashion accessories and more.
ZACHARIA WASHINGTON COMMUNITY IMPACT
Dates to know
Original timeframe for Cedar Park groundbreaking Original timeframe for Cedar Park opening
Early 2023
Mid-2024
Shop LC resigned lease in Round Rock
April 2024
New expected Cedar Park groundbreaking
2027
Round Rock lease expires; Cedar Park facility opens
2029
R Bank announces the retirement of President and CEO, Steve Stapp, marking the end of a remarka years, has led the bank from a ingle location with 12 employees to a successful institution operating rooted in the values of community-driven banking. R Bank announces the retirement of President and CEO, Steve Stapp, marking the end of a remarkable era of leadership. Steve’s tenure, spanning 16 years, has led the bank from a single location with 12 employees to a successful institution operating 10 locations with over 150 employees, all deeply rooted in the values of community-driven banking. After an extensive search that spanned several months, R Bank's Board of Directors has appointed thorough search process, led by Chairman Reese Ryan, involved evaluating numerous candidates to ensu Steve Stapp’s legacy is one of growth, community involvement, and unwavering dedication to personalized service. Under his leadership, RBank has become a pillar in the community, known for its commitment to fostering relationships and supporting local businesses. As he steps down, the bank is well-positioned for continued success under Todd’s leadership. Todd Engemoen Chosen as New President and CEO for R Bank as Todd Engemoen Chosen as New President and CEO for R Bank as Steve Stapp Announces his Retirement After an extensive search, R Bank’s Board of Directors has appointed Todd Engemoen as the new President and CEO.
"We are thrilled to welcome Todd Engemoen as our new President and CEO," said Reese Ryan. "His depth of experience and alignment with our core values make him the perfect choice to lead R Bank into the future. We extend our deepest gratitude to Steve for his exceptional leadership and dedication." Todd Engemoen, a native of Austin, brings over 15 years of comprehensive banking experience to his new role. Todd attended Arts in Economics and a Master of Business Administration with a concentration in Finance. His impressive career has seen him with him serving most recently as Executive Vice President and Chief Financial Officer of another banking institution prior to strategic planning, operational excellence, and customer-centric initiatives, making him exceptionally well-equipped to lead R Bank in Todd Engemoen, a native of Austin, brings over 15 years of comprehensive banking experience to his new role. Todd attended the University of Texas, where he earned a Bachelor of Arts in Economics and a Master of Business Administration with a concentration in Finance. His impressive career has seen him hold pivotal positions in the financial services industry, with him serving most recently as Executive Vice President and Chief Financial Officer of another banking institution prior to joining R Bank. Todd’s extensive background includes strategic planning, operational excellence, and customer-centric initiatives, making him exceptionally well-equipped to lead R Bank into its next chapter. Todd Engemoen, a native of Austin, brings over 15 years of comprehensive banking experience to his new role. Todd attended the University of Texas, where he earned a Bachelor of Arts in Economics and a Master of Business Administration with a concentration in Finance. His impressive career has seen him hold pivotal positions in the financial services industry, with him serving most recently as Executive Vice President and Chief Financial Officer of another banking institution prior to joining R Bank. Todd’s extensive background includes strategic planning, operational excellence, and customer-centric initiatives, making him exceptionally well-equipped to lead R Bank into its next chapter. "I am honored to step into this role and build upon the foundation that Steve has established," said Todd Engemoen. "R Bank is known for its commitment to doing the right thing for our customers, employees, and communities. I look forward to continuing this tradition, building relationships with our customers and communities, while driving our mission forward." Todd's appointment marks a new chapter for R Bank, bringing a wealth of expertise to the leadership team. His deep roots in the Austin area, experience, and strong educational background have equipped him with a unique perspective on the local community's financial needs. Todd's strategic vision and innovative approach are expected to drive R Bank's growth and enhance its service offerings to better serve its valued customers. Steve Stapp's legacy is one of growth, community involvement, and unwavering dedication to personalized service. Under his leadership, R Bank has become a pillar in the community, known for its commitment to fostering relationships and supporting local businesses. As he steps down, the bank is well-positioned for continued success under Todd's leadership. Reflecting on his retirement, Steve Stapp shared, "It has been an incredible journey leading R Bank and working with the best bankers and individuals in the community. Our success is built on the relationships we've created, and I am confident that Todd will continue to build on this legacy." "I am honored to step into this role and build upon the foundation that Steve has established," said Todd Engemoen. "R Bank is our customers, employees, and communities. I look forward to continuing this tradition, building relationships with our custom forward." “I am honored to step into this role and build upon the foundation that Steve has established,” said Todd Engemoen. “R Bank is known for its commitment to doing the right thing for our customers, employees, and communities. I look forward to continuing this tradition, building relationships with our customers and communities, while driving our mission forward.” R Bank remains steadfast in its mission of being the bank that goes above and beyond for customers and communities. With Todd Engemoen's leadership and the continued support of the Board of Directors, R Bank is positioned for continued growth and success. Todd's appointment marks a new chapter for R Bank, bringing a wealth of expertise to the leadership team. His deep roots background have equipped him with a unique perspective on the local community's financial needs. Todd's strategic vision and growth and enhance its service offerings to better serve its valued customers. Paid Advertisement R Bank announces the retirement of President and CEO, Steve Stapp, marking the end of a remarkable era of leadership. Steve's tenure, spanning 16 years, has led the bank from a ingle location with 12 employees to a successful institution operating 10 locations with over 150 employees, all deeply rooted in the values of community-driven banking. Todd Engemoen Chosen as New President and CEO for R Bank as Steve Stapp Announces his Retirement "We are thrilled to welcome Todd Engemoen as our new President and CEO," said Reese Ryan. "His depth of experience and choice to lead R Bank into the future. We extend our deepest gratitude to Steve for his exceptional leadership and dedication." Reflecting on his retirement, Steve Stapp shared, “It has been an incredible journey leading R Bank and working with the best bankers and individuals in the community. Our success is built on the relationships we’ve created, and I am confident that Todd will continue to build on this legacy.” “We are thrilled to welcome Todd Engemoen as our new President and CEO,” said Reese Ryan. “His depth of experience and alignment with our core values make him the perfect choice to lead R Bank into the future. We extend our deepest gratitude to Steve for his exceptional leadership and dedication.” After an extensive search that spanned several months, R Bank's Board of Directors has appointed Todd Engemoen as the new President and CEO. The thorough search process, led by Chairman Reese Ryan, involved evaluating numerous candidates to ensure the right fit for the bank's vision and values. Todd Engemoen R Bank remains steadfast in its mission of being the bank that goes above and beyond for customers and communities. With Todd Engemoen’s leadership and the continued support of the Board of Directors, R Bank is positioned for continued growth and success.
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CEDAR PARK FAR NORTHWEST AUSTIN EDITION
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