Bank's $5 million gift will help school, residents in NW Detroit

John Gallagher | Detroit Free Press

A new STEM lab for Cooke Elementary School and a new branch bank to serve neighborhood needs are among the benefits coming to the Grandmont Rosedale neighborhood on Detroit's northwest side thanks to the latest contribution to Detroit's Strategic Neighborhood Fund.

Mayor Mike Duggan joined Gary Torgow, executive chairman of TCF Bank, and neighborhood leaders at Wednesday's announcement.

“TCF is so pleased to have the opportunity to bring our newest branch to Grandmont Rosedale,” said Torgow. “An important part of our mission as Detroit’s hometown bank is to be an integral part of the economic growth and vitality of Detroit and its neighborhoods.”

The Strategic Neighborhood Fund is an effort by the city to uses 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.

Seven corporations have pledged $5 million each to the effort. Each contribution targets a specific neighborhood. TCF's gift goes to help the Grandmont Rosedale area on the city's northwest side.

The new STEM lab Cooke Elementary — the word STEM stands for Science, Technology, Engineering and Math — will be open to Detroit Public Schools Community District students from other schools who qualify.

Duggan had recruited Torgow to approach corporations to join the program. "It was actually easy fundraising," Torgow said. "They heard it, they understood it and we of course were committed up front."

Although Grandmont Rosedale has long been one of Detroit's tight-knit neighborhoods, it, like so much of the city, suffered from the financial turmoil of past years. But things have been turning around there, said Sherita Smith, executive director of the Grandmont Rosedale Development Corp.

"Many of the neighborhoods were devastated by the foreclosure crisis and tax foreclosure and all that," she said. "Now, we’re starting to see housing prices and the market start to appreciate. We’re seeing more businesses coming into the community. So, these are all things that we’re excited about."

In fact, had Grandmont Rosedale not enjoyed its good housing stock and community spirit, it may not have qualified for help from the Strategic Neighborhood Fund, which targets areas with enough strengths to build upon.

"When you get to a place of stabilization, sometimes you need support to get over the hump, " Smith said.

And she appreciates that Torgow and the TCF staff took time to get to know the neighborhood, not just drive by and drop off a check.

“It’s the kind of partnership you want where folks just don’t come in and start doing stuff but actually talk to the constituency and the leadership to see what’s needed," Smith said. "That’s been really, really great.”

Latrice McClendon, vice president and director of community relations of TCF Bank, echoed that.

"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,” she said.

Contact John Gallagher: 313-222-5173 or gallagher@freepress.com. Follow him on Twitter @jgallagherfreep. Read more on business and sign up for our business newsletter.