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Cafaro Hints at Moving Company's Headquarters
YOUNGSTOWN, Ohio – Anthony Cafaro Sr. said this morning an announcement about a possible move for the Cafaro Co. could come in the next several months. However, a spokesman for the company said the headquarters would likely remain in the Mahoning Valley even if it moves from its longtime site on the city's north side.
Cafaro told guests during a ceremony to recognize donors to Youngstown State University's Watson and Tressel Training Site that they may be hearing something in the future "about the Cafaro Co. moving out of Mahoning County. I want you to know that if and when that occurs, it does not mean that we are abandoning our love of and our commitment to YSU," he said.
The Cafaro family donated $1 million to the indoor training center, which opened last fall.
Cafaro, who stepped down at the end of 2009 as president and CEO of the real estate development and management company, declined to elaborate when questioned by reporters following the ceremony but said that the issue could be discussed in several months.
The Cafaro Co. "has been considering our options as far as a headquarters building" for a long time because "our current quarters aren't really meeting our needs any longer," confirmed Joe Bell, company spokesman. The headquarters building, located at 2445 Belmont Ave., was built in 1965 and houses just under 200 employees.
"We did look beyond the Mahoning Valley but it is probably much more likely that we will remain here in the Mahoning Valley," Bell added. "This is where we have made our home for many, many years and it is most likely that we would lean heavily toward staying here."
Nevertheless, the company hasn't made a final decision regarding a move, Bell added.
The Cafaro Co. owns and operates 30 million square feet of commercial real estate in 11 states, and in June the company reported "it is actively seeking to expand its portfolio of enclosed malls.
Copyright 2012 The Business Journal Youngstown, Ohio.