<ARTICLE>                     5
            
<MULTIPLIER>                                  1
<CURRENCY>                                    US Dollars
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                              DEC-31-1998
<PERIOD-START>                                 JAN-01-1998
<PERIOD-END>                                   SEP-30-1998
<EXCHANGE-RATE>                                1
<CASH>                                         1,330,580
<SECURITIES>                                   0
<RECEIVABLES>                                  57,870
<ALLOWANCES>                                   0
<INVENTORY>                                    0
<CURRENT-ASSETS>                               1,388,450
<PP&E>                                         11,947,360
<DEPRECIATION>                                 1,212,410
<TOTAL-ASSETS>                                 13,350,550
<CURRENT-LIABILITIES>                          608,600
<BONDS>                                        11,076,350
<PREFERRED-MANDATORY>                          0
<PREFERRED>                                    1,661,450
<COMMON>                                       815,200
<OTHER-SE>                                     (811,050)
<TOTAL-LIABILITY-AND-EQUITY>                   13,350,550
<SALES>                                        0
<TOTAL-REVENUES>                               1,742,300
<CGS>                                          0
<TOTAL-COSTS>                                  0
<OTHER-EXPENSES>                               784,300
<LOSS-PROVISION>                               0
<INTEREST-EXPENSE>                             1,074,960
<INCOME-PRETAX>                                (116,960)
<INCOME-TAX>                                   0
<INCOME-CONTINUING>                            (116,960)
<DISCONTINUED>                                 0
<EXTRAORDINARY>                                0
<CHANGES>                                      0
<NET-INCOME>                                   (116,960)
<EPS-PRIMARY>                                  (0.14)
<EPS-DILUTED>                                  (0.14)