Like many communities, Elkins Park lost a treasured local grocery store in 2002 when Ashbourne Market, a fixture for three decades, closed its doors as major chains moved into nearby neighborhoods.

The spirit of the Ashbourne, however, never left. For the last four years, a group of determined and tireless residents has worked nonstop to bring a member-owned food cooperative called CreekSide Co-Op to the old market, which had quickly become an eyesore despite the vivid memories of a bustling community center.

Last week, the CreekSide board announced it had reached its minimum fundraising goal of $4 million and that it was on track to open its store at 7909 High School Road by the end of Summer, 2012.  CreekSide will be part of a growing number of food co-ops throughout the region, joining an established stalwart like Weavers Way and newcomers like those in Chester and in South Philly who are looking to better serve more savvy customers as well as needy customers in areas where there are few quality food stores.

"We launched this co-op in the middle of one of the worst lending environments in history, but still this board overcame challenges to get the job done," says Dan Reynolds, president of CreekSide's Board of Directors.

That includes being turned down by no less than 20 banks for loans. The fundraising effort was strengthened by a big community push.

Vantage Point Bank of Fort Washington came through with a $3 million loan backed by the U.S. Department of Agriculture. Philadelphia-based The Reinvestment Fund lent a large chunk and member loans and equity make up the rest of the funding. The project's local general contractor, Allied Construction, is  also helping by shouldering some of the financial risk.

According to its statement of values, the co-op aims to be responsive and accountable to membership, ethical and transparent in business practices, respectful of the planet and its inhabitants, and a comfortable and friendly place to shop that fosters community spirit and the sale of high-quality products at fair prices.

Its location is ideal -- next to a creek and public park and within an easy walk of two SEPTA Regional Rail lines.  Elkins Park, with its diverse neighborhood, seems ready-made for a co-op, including 120 member households who have participated in the member loan program.

"We've got a committed neighborhood of member owners, which has to be our biggest natural advantage," says Reynolds.

Now, all CreekSide needs is a general manager to launch the store.

"We need someone special," Reynolds says.

JOE PETRUCCI is managing editor of Flying Kite. Send feedback here.