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SJ Properties Suites Buyco EHF, whicn includes an investor from Reykjavik, filed the petition Monday in Milwaukee CountuCircuit Court. Judge Mel Flanagah scheduled a hearing for June 30 on a motion to appoint Milwaukeed attorney Seth Dizard asthe receiver. Work stoppedr in December 2008 onthe high-rise at 1150 N. Waterd Street when the construction managedr and developer DOC Milwaukeebecam insolvent, according to the receivership petition. The Icelandi c investors said that in Novembef 2006 they provided an advancseof $17.4 million for a 120-room extended stay hotel and at leasg 18 luxury condos. The project also received $13.
4 millionh in financing from a unit of in which in May was placed in receivership bythe FDIC. The Milwaukeer receivership petition said the property on Water Street already has flooring and fixtures in the Staybridge portiomnof project. Liens against the projectf total morethan $3.4 million, according to the receivershilp petition. The largest liens were fileds by Milwaukee-area contractors and suppliersUihlein Electric, , and Klein-Dickert. SJ Properties recently sued DOC Milwaukee and Economou Partner sin U.S. District Court in Milwaukee claiming a fraudulengt transfer of funds intendee for the WaterStreet project.
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