<ARTICLE> 5 <MULTIPLIER> 1 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> MAR-31-1997 <CASH> 1,180,552 <SECURITIES> 0 <RECEIVABLES> 35,500 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 1,216,052 <PP&E> 10,275,452 <DEPRECIATION> 352,234 <TOTAL-ASSETS> 12,464,025 <CURRENT-LIABILITIES> 323,780 <BONDS> 10,432,050 <COMMON> 613,650 <PREFERRED-MANDATORY> 0 <PREFERRED> 1,589,355 <OTHER-SE> (494,810) <TOTAL-LIABILITY-AND-EQUITY> 12,464,025 <SALES> 0 <TOTAL-REVENUES> 426,194 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 193,804 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 317,257 <INCOME-PRETAX> (84,867) <INCOME-TAX> 0 <INCOME-CONTINUING> (84,867) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (84,867) <EPS-PRIMARY> (0.15) <EPS-DILUTED> (0.15)