With Completion of Sky Las Vegas, Omninet Capital CEO Neil Kadisha Looks Ahead to New 'Lifestyle' Condo Projects

BEVERLY HILLS, CA--(Marketwire - June 18, 2007) - Following the handover to owners of more than 80% of the condominiums at Sky Las Vegas earlier this month, Omninet Capital is now looking ahead to at least four more "lifestyle" condominium projects in the Southwest.

Neil Kadisha, lead investor of the 45-story, $325 million Sky Las Vegas development, the first luxury high-rise condominium on the Las Vegas strip, announced that the developments he and his partners at Omninet Capital are now planning will offer much more than luxurious high-rise condominiums. Residents will also be able to enjoy health-focused casual dining and takeout meals from an onsite buffet, concierge and maid service, a spa and fitness center, a business center, entertainment facilities, and much more.

The projects are aimed at "people of all ages who are interested in an active, healthy lifestyle, and who enjoy having a wide array of recreational and other resources just steps from their front door," said Mr. Kadisha.

The new projects will not directly emulate Sky Las Vegas, but will have a similarly broad range of attractive amenities, Mr. Kadisha said. Sky Las Vegas residents enjoy an outdoor recreation area with over an acre of pool and garden space, a spa and fitness center, business center, private screening room, billiard room, valet parking, concierge service and state-of-the-art security. The 409 units were priced from approximately $500,000 to more than $5 million.

Mr. Kadisha is best known for his role in the creation of Qualcomm Corp., the company whose technology is the backbone of the cell phone industry. Beverly Hills-based Omninet Capital, of which he is a principal, is a diversified investment firm concentrating in private equity, technology-focused venture capital and real estate.

Mr. Kadisha and his partners at Omninet Capital have been active real estate investors and developers for more than 20 years. They have developed multi-family residential, commercial and industrial projects in Southern California, Arizona and Nevada.

Mr. Kadisha said his group plans to develop more than 10,000 residential units over the next 10 years, including both condominium and rental projects.

The concept for "lifestyle" condominium developments, offering much more than living space to the residents, grew out of Omninet's focus on a value-added approach to its real estate investments, Mr. Kadisha said. "We want to be involved in both the creation and development stages, with the goal of producing a superior end product," he noted.

Mr. Kadisha said the four planned projects would be developed in some of the markets where Omninet has already been active, which include Las Vegas, Laughlin, Phoenix, Los Angeles, San Pedro and San Diego.

For more information on Omninet Capital visit: www.omninet.com. For more information on Sky Las Vegas visit: www.skylasvegas.com