<ARTICLE> 5 <MULTIPLIER> 1 <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1996 <PERIOD-END> SEP-30-1996 <CASH> 230,754 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 230,754 <PP&E> 4,894,565 <DEPRECIATION> 486,898 <TOTAL-ASSETS> 8,194,480 <CURRENT-LIABILITIES> 148,722 <BONDS> 7,072,850 <COMMON> 500,000 <PREFERRED-MANDATORY> 0 <PREFERRED> 1,055,835 <OTHER-SE> 0 <TOTAL-LIABILITY-AND-EQUITY> 8,194,480 <SALES> 0 <TOTAL-REVENUES> 487,560 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 614,833 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 381,743 <INCOME-PRETAX> (509,016) <INCOME-TAX> 0 <INCOME-CONTINUING> (509,016) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (509,016) <EPS-PRIMARY> (1.02) <EPS-DILUTED> (1.02)