<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-START> JAN-01-1998 <PERIOD-END> MAR-31-1998 <CASH> 160,793,813 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 161,608,369 <PP&E> 83,651,584 <DEPRECIATION> 252,969 <TOTAL-ASSETS> 336,854,692 <CURRENT-LIABILITIES> 179,192 <BONDS> 150,507,512 <PREFERRED-MANDATORY> 108,203,918 <PREFERRED> 0 <COMMON> 16,042 <OTHER-SE> 70,828,999 <TOTAL-LIABILITY-AND-EQUITY> 336,854,692 <SALES> 0 <TOTAL-REVENUES> 0 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 2,332,062 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 5,822,931 <INCOME-PRETAX> (4,781,430) <INCOME-TAX> 0 <INCOME-CONTINUING> (4,781,430) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (4,781,430) <EPS-PRIMARY> (0.36) <EPS-DILUTED> (0.36)