<ARTICLE> 5
       
                                                                
<PERIOD-TYPE>                                  9-MOS                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1998             DEC-31-1997
<PERIOD-END>                               SEP-30-1998             SEP-30-1997
<CASH>                                       3,991,000               3,423,000
<SECURITIES>                                         0                       0
<RECEIVABLES>                                  249,000                 102,000
<ALLOWANCES>                                         0                       0
<INVENTORY>                                          0                       0
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<PP&E>                                      29,204,000              19,935,000
<DEPRECIATION>                                  13,000                   3,000
<TOTAL-ASSETS>                              35,294,000              23,519,000
<CURRENT-LIABILITIES>                        1,523,000                 231,000
<BONDS>                                              0                       0
<PREFERRED-MANDATORY>                                0                       0
<PREFERRED>                                  4,575,000               4,500,000
<COMMON>                                     5,829,000               4,971,000
<OTHER-SE>                                  23,157,000              13,607,000
<TOTAL-LIABILITY-AND-EQUITY>                35,294,000              23,519,000
<SALES>                                              0                       0
<TOTAL-REVENUES>                               805,000                 271,000
<CGS>                                                0                       0
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<OTHER-EXPENSES>                             1,223,000                 520,000
<LOSS-PROVISION>                                     0                       0
<INTEREST-EXPENSE>                             189,000                 189,000
<INCOME-PRETAX>                              2,820,000               1,482,000
<INCOME-TAX>                                         0                       0
<INCOME-CONTINUING>                          2,820,000               1,482,000
<DISCONTINUED>                                       0                       0
<EXTRAORDINARY>                                236,000                       0
<CHANGES>                                            0                       0
<NET-INCOME>                                 3,056,000               1,482,000
<EPS-PRIMARY>                                   (.058)                  (.037)
<EPS-DILUTED>                                   (.058)                  (.037)