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SJ Properties Suites Buyco EHF, which includes an investot from Reykjavik, Iceland, filed the petition Monday in Milwaukee CounttyCircuit Court. Judge Mel Flanagan scheduled a hearing for June 30 on a motiobn to appoint Milwaukee attorneg Seth Dizard asthe receiver. Work stopped in Decembedr 2008 onthe high-rise at 1150 N. Wate r Street when the construction manager and developer DOC Milwaukeerbecame insolvent, according to the receivership The Icelandic investors said that in Novembe 2006 they provided an advance of $17.5 million for a 120-room extended stay hotekl and at least 18 luxury condos. The projec also received $13.
4 million in financinb from a unit ofin Atlanta, which in May was placer in receivership by the FDIC. The Milwaukede receivership petition said the property on Waterr Street alreadyhas furniture, flooring and fixturexs in the Staybridge portion of project. Lienx against the project total morethan $3.4 million, according to the receivershil petition. The largest liens were filed by Milwaukee-area contractorsx and suppliersUihlein Electric, , and SJ Properties recently sued DOC Milwaukewe and Economou Partners in U.S.
District Court in Milwaukee claiming a fraudulent transfef of funds intended for the WaterStreet
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