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SJ Properties Suites Buyco EHF, which includes an investort from Reykjavik, Iceland, filed the petition Monday in Milwaukee CountyCircuit Court. Judg Mel Flanagan scheduled a hearing for June 30 on a motionm to appoint Milwaukee attorney Seth Dizard as the Work stopped in December 2008 onthe high-ris e at 1150 N. Water Street when the constructiob manager and developer DOC Milwaukeebecame insolvent, according to the receivershipl petition. The Icelandic investors said that in Novembed 2006 they provided an advanceof $17.34 million for a 120-room extended stay hotel and at leasty 18 luxury condos. The projecyt also received $13.
4 million in financing from a unit of in which in May was placed in receivershipl bythe FDIC. The Milwaukee receivership petition said the propert on Water Street already has flooring and fixtures in the Staybridge portionof project. Liens against the project totalk morethan $3.4 million, according to the receivershio petition. The largest liens were filex by Milwaukee-area contractors and suppliersUihleihn Electric, , and Klein-Dickert. SJ Properties recently sued DOC Milwaukeee and Economou Partnersin U.S. District Courty in Milwaukee claiming a fraudulent transfer of funds intende d for the WaterStreet project.
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