Edit>Preferences>Media will list the current location of the media cache, which is what you're looking for, and also the location of the media cache database.
Thanks for your fast response.
The problem with the default location is that is on the C: drive. And I want to minimize added files on that drive.
I turned on the check mark to “Save Media Cache files next to originals when possible.” But the Peak files still seem to be going to the C: drive. Then I browsed to the subdirectory that has the PP project files and it now lists it as such in the Edit>Preferences>Media window. But the Peak files still seem to go to the C: drive.
And to make matters worse, the next time I open another project in another subdirectory it has the box checked (that is good), but it is pointing to the subdirectory I last used.
Am I missing something?
Why don't you specify where the media files will go instead of checking the box, just change the location.
^^ What Phil said
First, I would uncheck the Save Next to Originals checkbox. Your media folders can get messy quicky if you're saving cache files there.
Then, change the location of the Media Cache folder, which you can do in that same Preference panel.
So now, if you delete that original Media Cache folder, Premiere will have to create new cache files in the new location.
I did uncheck the Save Next to Originals and then pointed it to the same subdirectory where I save the PP project files. On the first project this worked and it made a Media Cache subdirectory under the main project directory. I then changed this on all of my projects to point to its specific project directory (after I changed each project, I then re-saved it). However, later when I would open each project, PP had changed each Media Cache folder to whatever the last folder detailed in the last project I had worked on!
The location of the media cache files is a global setting under preferences. So when you change the location to your project file, you are doing this for any and all projects. There is a difference in the project scratch drives (which are per project) and the preferences-media cache location which is global.