TCF Bank invests $5 million into Grandmont Rosedale neighborhood

TCF Bank is investing $5 million into Detroit’s Grandmont Rosedale neighborhood. A new STEM lab for Cooke Elementary School,  accessible play equipment, $25,000 in funding to aid small businesses and block clubs, solar-powered bus shelters on Grand River, and a new branch bank to serve neighborhood needs are among the benefits coming to the neighborhood on Detroit’s northwest side, thanks to the latest contribution to Detroit’s Strategic Neighborhood Fund.

Grandmont Rosedale is among seven Detroit neighborhoods being targeted under the city’s Strategic Neighborhood Fund, a $35 million commitment from multiple corporations, each vowing to spend $5 million over five years to enhance city neighborhoods.

The investments from TCF Bank were detailed during a Neighborhood Day Party inside the North Rosedale Community House, by TCF Bank Executive Chairman Gary Torgow, Mayor Mike Duggan, and others.

“What is happening here today is in so many ways an affirmation of what the real work is for companies like ours,” said Torgow. “We have been given the privilege to assist in the continued growth and strength of one of our city’s most committed and substantial neighborhoods. Grandmont Rosedale has a storied history of great people and great dedication to five historic locations within Detroit.”

The Strategic Neighborhood Fund is an effort by the city to use funds drawn from philanthropic gifts and public subsidies to improve several Detroit neighborhoods. The pot of money has grown to more than $170 million spread across 10 neighborhoods. The money goes for streetscape improvements, help for local businesses, and preserving or creating affordable housing. Among the philanthropic contributors are J.P. Morgan Chase, Kresge Foundation, the Ford Foundation, the Hudson-Webber Foundation, and the Knight Foundation, among several others.

Grand River is already undergoing an $8 million streetscape project funded with state and city dollars. The $5 million gift from TCF Bank only adds to the development and future of the neighborhood.

“Gary had the privilege of being the guy in charge. He got first choice of neighborhoods and he took Rosedale Grandmont,” said Mayor Duggan. “With the investment that TCF is going to make, we’re going to fill out the rest of those storefronts. We’re going to bring shopping back to this neighborhood. Some of the pioneers who have been here for a while are going to have friends join them.”

The event included a catered lunch, stilt walkers, games for kids and pop-up booths for area shops and businesses.

The day party promoted shopping at local businesses and officials  expected businesses to earn around $15,000 total.

“A strong neighborhood is only as strong as the residents and local businesses that call it home and we want to — and should — support their growth any way we can,” said Latrice McClendon, vice president and director of community relations of TCF Bank.

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