Resurrection planned for Silver Creek

Journal Record, The (Oklahoma City), Dec 12, 1996 by Matt Driskill Journal Record Staff Reporter

Oklahoma City businessman and chairman of Express Personnel Robert Funk has entered the development game by purchasing 192 acres and announcing Wednesday the renaissance of the Silver Springs Crossing.

Funk and several partners purchased the property at Northwest Expressway and Council Road for $10 million and plan to develop it as a mixed-used planned unit.

The group, which includes Funk's Oregon-based partner William Stoller, will begin with a 140,000 square foot office development that will be built on speculative basis. Funk said he expects the development will total around $100 million when completed. Following that, the group hopes to fill out the remainder of the development to include multi-family housing, commercial out parcels, a theater, and industrial space. Groundbreaking is scheduled for sometime in 1997, although no specific dates were disclosed. Funk and his partners also said they have had preliminary discussions with large tenants but declined to disclose any identities. The former Silver Springs Crossing development is located at the intersection of Northwest Expressway and Council Road, is owned by Express Development II, L.L.C. There is a joint venture agreement between Express Development, Tim Smith and Tapp Companies, Inc. Silver Springs Crossing was originally planned by local developer Ron Bradshaw in the early 1980s. Bradshaw purchased the property from the Catholic Archdiocese of Oklahoma City for about $13 million. Bradshaw at the time headed Nor-West Development Corp. and he too planned a multi-use development on the site. Silver Springs then made it as far as the Oklahoma City Planning Commission in July 1985 before it dropped off the map, because, said Funk, of the declining real estate market and other circumstances. The property was taken over by a northeastern insurance company, USF&G, which held the property in its portfolio until it was purchased by Express Development II, L.L.C. in late November. Express Development II, L.L.C. is owned by Funk and Stoller, who resides in Portland. The limited liability company was formed specifically for developing the former Silver Springs Crossing, according to Funk. Funk and Stoller are founder and co-founder, respectively, of Oklahoma City-based Express Personnel Services. Another principle, Tim Smith, entered the construction business in 1982 and has built and sold more than 500 homes in Oklahoma. Smith began land development in 1990 and is currently involved in developing Outabounds at NW 63rd Street and Villa; Oakmond at NW 150th Street and Santa Fe Avenue; Deer Creek Hills at Edmond Road and N. MacArthur Boulevard; Westport 66 in Yukon; and Bittercreek in Mustang. Tapp Companies Inc. has been in the commercial real estate developing business since 1972. Headed by F. Barry Tapp as president, the firm has developed numerous properties and more than 3 million square feet of commercial space in Oklahoma, Kansas, Missouri, Texas and Florida for companies such as Wal-Mart, JC Penney, Fleming, Scrivner, Sears, Ross and T.J. Maxx. Express Personnel Services International serves about 300 offices. Revenues for 1995 climbed to $750 million and 1996 revenues are expected to top $900 million. Stoller is one of the founders and a co-owner of Express Personnel Services. He is vice chairman of the board and sits on the executive committee, which oversees planning and direction of the international company. Stoller is responsible for strategic planning and direction and franchise relations. Stoller is also president of W.H. Stoller & Associates, which owns 14 Express offices, including 11 in the Portland area. Prior to co-founding Express with Funk, Stoller was associated with ACME Personnel Service as regional manager for Oregon and Utah.