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SJ Properties Suites Buyco EHF, which includes an investorf from Reykjavik, Iceland, filed the petition Monday in Milwaukew CountyCircuit Court. Judge Mel Flanagabn scheduled a hearing for June 30 on a motio to appoint Milwaukee attorneyg Seth Dizard asthe receiver. Work stopped in December 2008 onthe high-risse at 1150 N. Water Street when the constructioh manager and developer DOC Milwaukeebecame insolvent, according to the receivership The Icelandic investors said that in November 2006 they providefd an advance of $17.4 million for a 120-roo m extended stay hotel and at leasty 18 luxury condos. The project also receivee $13.
4 million in financing from a unit of in which in May was placed in receivershiop bythe FDIC. The Milwaukee receivership petition said the property on Wateer Street alreadyhas furniture, flooring and fixtures in the Staybridge portion of project. Liens against the project total morethan $3.4 according to the receivership petition. The largest liens were filefd by Milwaukee-area contractors and suppliersUihlein , and Klein-Dickert. SJ Properties recently sued DOC Milwauked and Economou Partnersin U.S.
District Court in Milwaukee claiming a fraudulent transfer of fundse intended for the WaterStreet
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