Stratacache to unveil new jobs, investment
Dayton ‘still has that opportunity to have world-class businesses.’
The chief executive of Stratacache plans to announce new jobs and new investment this morning at Kettering Tower, the downtown Dayton tower the digital signage company purchased earlier this month for its planned headquarters.
Chris Riegel, founder and CEO of the Dayton-based tech firm, would not go into detail about Wednesday’s announcement. But he has pointed to his com- pany’s purchase of the signature downtown building as evidence that cutting-edge companies can thrive in Dayton’s core downtown, rather than moving closer to Cincinnati or out of Ohio altogether.
“Dayton still has that opportunity to have world-class businesses, and I think it’s smart business to do that here,” Riegel said in an interview Tuesday.
Ohio Lt. Gov. Jon Husted; Dayton Mayor Nan Whaley; Phil Parker, president and CEO of the Dayton Area Chamber of Commerce; and others are expected to be at today’s announcement at Dayton’s tallest building.
“It’s been a very positive reaction,” Riegel said. “Everyone is pleased to see the building back in local hands. With the things we’re going to announce tomorrow, I think there is generally a positive vibe now of moving from what was not an active owner to an active owner (of Kettering Tower).”
Over the next 18 to 24 months, Stratacache will make the building its headquarters, leaving behind current offices at 2 Emmett St.
While based in Dayton, with about 350 employees in the area, Stratacache is a global company that has made acquisitions in China and recently announcing new Singapore offices.
Said Riegel: “We’re seeing an opportunity where, especially in Asia, a number of our larger competitors are stumbling. There’s opportunity against companies like Samsung for us to be able to take market share.”
The CEO has cited the need for the “best and the brightest employees” as one reason for purchasing Kettering Tower.
Sometimes, companies showing the same desire for younger workers move south of Dayton — to Austin Landing, for example.
Stratacache is doing the opposite, investing in Dayton’s core business district. That’s no accident, Riegel said.
Young people “increasingly like living in cities as opposed to suburbs,” he said. “I get that Austin Landing five years ago, seven years ago, was cool, but ... the trend is very specifically snapping back to cities.”
“You’ve seen a brain drain from Dayton — NCR, Teradata, others that have left the region,” he also said. “In any tech business, the key point is attracting talent, the key point is to make an opportunity for people to be able to be successful in what they’re going to do with their lives and their careers.”
Sandy Gudorf, president of Downtown Dayton Partnership, applauded the purchase when it was first announced.
“To have a local owner for that important downtown building is incredible news for Kettering Tower and that company,” Gudorf said.
“It speaks to all the progress downtown and to all the investment made by developers and investors in property in downtown.”
Stratacache is in the business of creating striking digital displays. Asked about creating a visual statement at Kettering Tower, Riegel said that’s something the company will consider, but zoning laws and aircraft flight patterns toward Wright-Patterson Air Force Base need to taken into account.
“We’re absolutely looking at those options,” he said.