Less than a year after turning its back to the public markets, Mediacom Communications said it will build a $35 million, 110,000-square-foot headquarters facility in Blooming Grove, N.Y., a project that it claims will allow it to expand its workforce in the future.
The Orange County facility will house Mediacom's corporate operations, now located in Goshen and Middletown, N.Y. Mediacom, which has about 1.3 million subscribers in 22 states, went private in March. The project, to be built on a 200-acre parcel, is scheduled to be completed in the fall of 2012 and will be partially funded with a $7.5 million incentive package from Empire State Development, New York's chief economic development agency. According to ESD, the project will generate new construction jobs, help stimulate the local economy and retain 250 high-paying jobs in the Hudson Valley Region.
"This is great news for the Hudson Valley and a sign to all businesses that New York is a place to invest and grow. I am pleased that Mediacom has chosen to expand and reinvest in New York," New York Gov. Andrew Cuomo said in a statement.
Mediacom was founded in 1995 by chairman and CEO Rocco Commisso. The company now has about 4,500 employees in 22 states and generates about $1.5 billion in revenue per year.
In a statement, Commisso said the company looked at several options for its new location.
"We started with a vision of relocating to a state-of-the-art corporate park that reflected the high-tech nature of our business and that our employees would be proud to call home," Commisso said. "Along the way, we received tremendous cooperation and encouragement from Town, County, State and Federal governmental officials, facilitating our decision to remain and build in New York. While the state of New Jersey made an extremely attractive offer to move there, Blooming Grove is an ideal location for our Hudson Valley based employees. It is my hope that Mediacom's major capital investment in this project paves the way for accelerating economic development in Orange County."
