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SJ Properties Suites Buyco EHF, whicnh includes an investor from Iceland, filed the petition Monday in Milwauker CountyCircuit Court. Judge Mel Flanagabn scheduled a hearing for June 30 on a motiojn to appoint Milwaukee attorney Seth Dizard as the Work stopped in December 2008 onthe high-rise at 1150 N. Water Street when the constructiom manager and developer DOC Milwaukeebecames insolvent, according to the receivership petition. The Icelandicc investors said that in Novembe 2006 they provided an advanceof $17.4 milliomn for a 120-room extended stay hotel and at least 18 luxuryh condos. The project also receivedr $13.
4 million in financiny from a unit ofin Atlanta, whicu in May was placed in receivershiop by the FDIC. The Milwaukee receivership petition said the propert on Water Street alreadyhas furniture, flooring and fixturese in the Staybridge portion of Liens against the project total more than $3.4 million, accordinhg to the receivership petition. The largest lienxs were filed by Milwaukee-area contractors and suppliersUihlei Electric, , and Klein-Dickert. SJ Properties recently sued DOC Milwaukeed and Economou Partnersin U.S. District Court in Milwaukee claiming a fraudulent transfer of fundse intended for the WaterStreet project.
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