<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ANNUAL
FINANCIAL STATEMENTS INCLUDED IN FORM 10-K AS OF AND FOR THE YEAR ENDED DECEMBER
31, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FOOTNOTES AND
DISCLOSURES RELATED THERETO AND CONTAINED WITHIN THE 1996 FORM 10-K.
</LEGEND>
       
                             
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               DEC-31-1996
<CASH>                                       4,531,355
<SECURITIES>                                         0
<RECEIVABLES>                                  485,303
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                             5,016,658
<PP&E>                                      19,507,337
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                              24,523,995
<CURRENT-LIABILITIES>                          620,282
<BONDS>                                     24,523,995<F1>
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                         2,670
<OTHER-SE>                                  18,156,899
<TOTAL-LIABILITY-AND-EQUITY>                24,523,995
<SALES>                                              0
<TOTAL-REVENUES>                             3,519,522<F2>
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                             1,612,428
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             124,260
<INCOME-PRETAX>                              1,782,834
<INCOME-TAX>                                   735,893
<INCOME-CONTINUING>                          1,046,941
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 1,046,941
<EPS-PRIMARY>                                      .41
<EPS-DILUTED>                                      .41
<FN>
<F1>INCLUDED IN BONDS, MORTGAGES IS APPROXIMATELY $1,800,000 OF MINORITY INTEREST
IN JOINT VENTURE.
<F2>TOTAL REVENUES INCLUDE EQUITY IN EARNINGS OF JOINT VENTURE TOTALING $2,255,635
</FN>