TCF Bank plans to open its first Detroit branch outside downtown in Grandmont Rosedale, the neighborhood chairman Gary Torgow chose as the bank's target for more than $5 million in planned investment.

Torgow announced the new leased location at 18570 Grand River Ave. late Wednesday morning with Detroit Mayor Mike Duggan. They are touting the city's partnership with the Detroit-based bank, which bought naming rights to the former Cobo Center and plans to build a 22-story headquarters building on Woodward Avenue.

TCF wants the branch, which will employ 5-10 people, to funnel new capital options to businesses and residents in the northwest Detroit neighborhood. It's among a list of projects in the neighborhood that Torgow and others outlined Wednesday. Others included a school STEM lab, a fund for new and existing businesses, handicap-accessible park improvements and beautification grants.

Torgow led the effort to get seven corporations — including TCF, then Chemical Bank, pre-merger — to contribute a total of $35 million or $5 million each to the city's Strategic Neighborhood Fund in the Duggan administration's strategy to fill in targeted commercial corridors and an affordable housing fund. Wednesday's announcement with TCF is the last of seven individual events with the companies. The others involved are American Axle & Manufacturing (Banglatown area), Blue Cross Blue Shield of Michigan (East Warren/Cadieux), Fifth Third Bank (Seven Mile/Gratiot), Flagstar Bank (Old Redford), Huntington Bank (Warrendale/Cody Rouge) and Penske Corp. (Jefferson Chalmers).

"Gary had the privilege of being the guy in charge. He got first choice of neighborhoods and he took Rosedale Grandmont," Duggan said to applause during a speech at the North Rosedale Community House event.

The SNF, expanded last year to encompass seven more multineighborhood areas, funds infrastructure improvements for streets, parks, homes and affordable high-density housing in certain neighborhoods selected for potential. It also goes to gap financing and grants for new business startups in those areas. Community development financial institution Invest Detroit manages the fund.

TCF's $5 million is split between two pots: the SNF and the city's Affordable Housing Leverage Fund to maintain and create affordable homes. The city generally directs money toward specific neighborhood projects, but TCF will help steer somewhere around $250,000 of that total, according to Latrice McClendon, who left Duggan's District 1 office to become the bank's vice president and director of community relations.

"What is happening here today is in so many ways an affirmation of what the real work is for companies like ours," Torgow said Wednesday. "We have been given the privilege to assist in the continued growth and strength in one of our city's most committed and substantial neighborhoods."

The long-standing community is made up of five smaller neighborhoods; 15,000 residents; and advocates including 30-year-old nonprofit Grandmont Rosedale Development Corp., the North Rosedale Park Civic Association and the Minock Park Association.