<ARTICLE> 5 <MULTIPLIER> 1 <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1996 <PERIOD-END> JUN-30-1996 <CASH> 188,448 <SECURITIES> 0 <RECEIVABLES> 3,782 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 188,448 <PP&E> 4,894,565 <DEPRECIATION> 333,932 <TOTAL-ASSETS> 5,554,888 <CURRENT-LIABILITIES> 105,359 <BONDS> 4,673,300 <COMMON> 500,000 <PREFERRED-MANDATORY> 0 <PREFERRED> 674,730 <OTHER-SE> 0 <TOTAL-LIABILITY-AND-EQUITY> 5,554,888 <SALES> 0 <TOTAL-REVENUES> 245,596 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 386,372 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 183,814 <INCOME-PRETAX> (324,590) <INCOME-TAX> 0 <INCOME-CONTINUING> (324,590) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (324,590) <EPS-PRIMARY> (0.65) <EPS-DILUTED> (0.65)