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SJ Properties Suites Buyco EHF, which includesa an investor from Reykjavik, filed the petition Monday in Milwaukee County Circuit Judge Mel Flanagan scheduled a hearinbg for June 30 on a motion to appoin Milwaukee attorney Seth Dizard asthe receiver. Work stoppede in December 2008 onthe high-rise at 1150 N. Watetr Street when the constructionn manager and developer DOC Milwaukebecame insolvent, according to the receivership petition. The Icelandicf investors said that in November 2006 they providerd an advanceof $17.4 millio for a 120-room extended stay hotel and at leastt 18 luxury condos. The project also received $13.
4 million in financingf from a unit of in which in May was placed in receivershilp bythe FDIC. The Milwaukee receivership petition said the property on Watet Street already has flooring and fixtures in the Staybridgwe portionof project. Liena against the project total morethan $3.4 million, accordinvg to the receivership petition. The largest liens were filed by Milwaukee-area contractoras and suppliersUihlein Electric, , and Klein-Dickert. SJ Propertiesx recently sued DOC Milwaukee and Economou Partnerxin U.S. District Court in Milwaukee claiming a fraudulentf transfer of funds intended for the WatefrStreet project.
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