O Block in Chicago is owned by Related Midwest, the Chicago arm of the Related Companies, which bought the property — officially named Parkway Gardens — in 2011 through a joint venture with Wells Fargo.1Related. Wells Fargo and Related Companies Revitalize and Preserve Affordable Housing at Parkway Gardens The 694-unit complex operates under a federal project-based Section 8 contract, which means the U.S. Department of Housing and Urban Development has substantial control over how the property is run regardless of whose name is on the deed.
Why It’s Called O Block
Parkway Gardens picked up the nickname “O Block” after Odell “Odee” Perry, a 20-year-old resident who was shot and killed near the complex in 2011. Friends and residents renamed the area in his honor, and the name spread as Chicago’s drill music scene took off. Artists with ties to the complex and surrounding Woodlawn neighborhood — Chief Keef, King Von, Lil Durk — carried the name into lyrics, music videos, and social media, which is why so many people search for who owns a place that is, on paper, a subsidized apartment complex.
How Related Companies Became the Owner
In August 2011, Related bought Parkway Gardens through its affordable housing preservation arm, Related Affordable, in partnership with Wells Fargo. The deal stacked several layers of financing. Wells Fargo put in $36.5 million in equity, split between $26.6 million in Low-Income Housing Tax Credit equity and $9.9 million in Federal Historic Tax Credit equity.1Related. Wells Fargo and Related Companies Revitalize and Preserve Affordable Housing at Parkway Gardens The Illinois Housing Development Authority issued $59.5 million in tax-exempt bonds for the rehabilitation, with Fannie Mae providing credit enhancements through Oak Grove Capital.
Related committed to $40 million in physical, mechanical, and structural upgrades at the time of purchase, roughly $57,000 per unit, and locked in a 30-year affordability commitment running through approximately 2041. Related Midwest manages the property directly from its Chicago office. Since 2011, the company reports putting nearly $58 million into capital improvements, security, and social services at the complex.2Related Midwest. Parkway Gardens
What the Owner Can and Can’t Do
Every one of the 694 units is covered by a Housing Assistance Payments contract between the owner and HUD. The federal government pays the difference between what a qualifying low-income tenant can afford and the approved rent, and in exchange the owner agrees to strict federal rules on who can live there, what can be charged, and how the buildings must be maintained.
Rent cannot exceed what HUD considers reasonable compared to similar unassisted units nearby. Every unit must meet federal Housing Quality Standards, and life-threatening defects must be fixed within 24 hours. HUD, the local public housing authority, and the Comptroller General can all inspect the property and audit the owner’s books at any time.3U.S. Department of Housing and Urban Development. Housing Assistance Payments (HAP) Contract The owner is barred from collecting anything beyond the approved rent — no side deals, no extra fees from tenants or outside parties.
Those constraints matter more for daily life at Parkway Gardens than the name on the deed. Related cannot unilaterally raise rents, change who qualifies to live there, or let the buildings fall apart without risking the loss of federal subsidy payments. The HAP contract runs with the property, so any future buyer takes on the same obligations.
The Section 8 contract is not the only lock. The 2011 acquisition also used Low-Income Housing Tax Credits allocated by the Illinois Housing Development Authority and purchased by Wells Fargo.4Related. Mayor Rahm Emanuel and Related Companies Join Residents and Students to Celebrate Completion of Parkway Gardens LIHTC properties must stay rent-restricted and reserved for low-income tenants for at least 30 years under federal law, creating an affordability floor through the early 2040s even if the Section 8 contract were somehow terminated. The $9.9 million in Federal Historic Tax Credits carries additional compliance tied to preserving the character of the original 1950s buildings.
Could Someone Else Buy O Block?
Rumors circulate regularly that a rapper or celebrity is about to buy O Block as a community gesture. In practice, that is close to impossible. HUD’s written consent is required before the HAP contract can be assigned to a new owner, and the buyer has to prove they can comply with federal financial reporting standards, engage an independent CPA for annual audits, meet HUD’s physical condition standards, and file reports within 90 days of each fiscal year-end. The seller stays liable for any contract breaches that occurred before closing.5U.S. Department of Housing and Urban Development. Assignment, Assumption, and Amendment of Section 8 Housing Assistance Payments Contract
Related Midwest did briefly test the market in early 2021, listing Parkway Gardens for sale. Within weeks, after conversations with federal and local officials, the company pulled the listing and announced it would keep the property. Any eventual transfer of legal title would also need to be recorded with the Cook County Clerk’s Office, which handles real estate recordings for properties in Cook County.6Cook County Clerk. Recordings
The money alone rules out most buyers. Between the original acquisition financing, the $58 million in capital improvements already poured in, and the ongoing cost of running a 694-unit federally subsidized complex, this is not a property anyone picks up with personal wealth and good intentions. It takes institutional infrastructure, federal regulatory expertise, and a willingness to operate under constant government oversight for decades.