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SJ Properties Suites Buycl EHF, which includes an investor from Iceland, filed the petition Monday in Milwaukee Count yCircuit Court. Judge Mel Flanagan scheduled a hearinf for June 30 on a motiom to appoint Milwaukee attorney Seth Dizardd asthe receiver. Work stopped in Decembere 2008 onthe high-rises at 1150 N. Water Street when the constructiomn manager and developer DOC Milwaukeebecamed insolvent, according to the receivership petition. The Icelandic investorz said that in November 2006 they provided an advanceof $17.4 million for a 120-roo m extended stay hotel and at least 18 luxury The project also received $13.
4 million in financinb from a unit of in Atlanta, whicgh in May was placedd in receivership by the FDIC. The Milwaukew receivership petition said the propertgy on Water Street already has flooring and fixtures in the Staybridge portion of Liens against the project totalo morethan $3.4 million, according to the receivership The largest liens were filed by Milwaukee-arez contractors and suppliers Uihleibn Electric, , and Klein-Dickert. SJ Properties recently sued DOC Milwauke and Economou Partnersin U.S. District Courtf in Milwaukee claiming a fraudulent transfetr of funds intended for the WatetStreet project.
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