WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

  

<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
unaudited consolidated financial statements for the quarter ended March
31, 1997 and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               MAR-31-1997
<CASH>                                          15,659
<SECURITIES>                                         0
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                28,035
<PP&E>                                       2,398,654
<DEPRECIATION>                                   2,536
<TOTAL-ASSETS>                               2,483,505
<CURRENT-LIABILITIES>                           18,831
<BONDS>                                        905,178
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                     49,268
<COMMON>                                     1,674,869
<OTHER-SE>                                   (169,768)
<TOTAL-LIABILITY-AND-EQUITY>                 2,483,505
<SALES>                                              0
<TOTAL-REVENUES>                                     0
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                36,054
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                               (35,928)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                           (35,928)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                  (35,928)
<EPS-PRIMARY>                                   (0.32)
<EPS-DILUTED>                                   (0.32)