Akron’s Cascade Valley neighborhood is gaining a new residential asset as the former Akron Soap Company factory and its adjacent 1919 warehouse have been transformed into the Furnace Street Flats, a 53‑unit market‑rate apartment complex just a half‑mile from downtown.
Historic building, modern homes
The 1893 soap plant, once capable of producing more than a million pounds of soap per week, and the five‑story Federal Warehouse Storage Company building have been restored using historic tax credits. The renovation kept key architectural features – exposed brick, vaulted ceilings, original beams, and the warehouse’s sliding freight‑elevator doors – while adding modern amenities such as in‑unit washer/dryers, bike storage, a dog‑washing station, and plans for a gym.
Oriana House’s first market‑rate venture
Oriana House, a community corrections and behavioral‑health agency, purchased the property at 243 Furnace St. in 2022 and is financing the $14 million project. Executive assistant for special projects Bernie Rochford said the development helps address Akron’s housing shortage while preserving a piece of the city’s industrial heritage. Once the project’s debt is retired, rental income will flow back to Oriana House’s correctional‑services mission, supporting programs such as Brewed Awakening, a coffeehouse for clients transitioning to sober recreation.
Economic and community impact
Akron’s director of economic development, Suzie Graham Moore, highlighted the Flats as a “wonderful complement” to the city’s ongoing residential conversions. While the units are not counted among the 1,069 downtown apartments already delivered or under construction since 2018, they add to the momentum of new housing, with an additional 694 units announced for the downtown core.
Greater Akron Chamber President and CEO Steve Millard noted that downtown occupancy rates are above 90 percent, indicating strong demand for the new units. Rental rates range from $1,425 for a 646‑sq‑ft one‑bedroom to $1,600 for a 710‑sq‑ft unit, with a penthouse sized at 1,600 sq ft projected at $3,500 per month.
Local reactions
Ralph McGreevy, chief operating officer of the Northern Ohio Apartment Association, praised the project’s blend of historic character and modern living, calling the location “a home‑run.” Former owner Keeven White, who lived in the building’s penthouse while operating WhiteSpace Creative, said the renovation “honors the building” and noted the project’s careful preservation of original features.
Two of the apartments will serve as short‑term rentals, and the ground floor includes storage units and a planned gym, further enhancing the building’s utility for residents.
Looking ahead
Rochford acknowledged challenges in converting a non‑uniform historic structure but expressed optimism that the success of this project could spur additional development in the area, especially as Oriana House continues to acquire nearby parcels.
The Furnace Street Flats are slated to welcome tenants within weeks, marking a significant step in preserving Akron’s industrial legacy while meeting contemporary housing needs.
Original reporting: Signal Akron — read the source article.
