<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> MAR-31-1997 <CASH> 5,522,689 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 750,000 <CURRENT-ASSETS> 6,475,210 <PP&E> 33,528,701 <DEPRECIATION> 0 <TOTAL-ASSETS> 41,063,613 <CURRENT-LIABILITIES> 2,698,984 <BONDS> 25,900,682 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 9,355 <OTHER-SE> 4,225,827 <TOTAL-LIABILITY-AND-EQUITY> 41,063,613 <SALES> 0 <TOTAL-REVENUES> 0 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 783,447 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 39,601 <INCOME-PRETAX> (823,048) <INCOME-TAX> 0 <INCOME-CONTINUING> (823,048) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (823,048) <EPS-PRIMARY> (.09) <EPS-DILUTED> (.09)