CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2013	Dec. 31, 2012
REAL ESTATE ASSETS:
Land	$ 1,725,600	$ 1,725,600
Buildings and improvements	1,320,484	1,320,484
Real estate assets	3,046,084	3,046,084
Less: accumulated depreciation	(642,014)	(615,920)
Operating real estate assets	2,404,070	2,430,164
Construction in progress and real estate under development	8,008,000	8,008,000
Real estate assets held for sale	19,058,347	25,299,875
Net real estate assets	29,470,417	35,738,039
CASH AND CASH EQUIVALENTS	1,781,578	401,018
RESTRICTED CASH	946,546	311,078
DEFERRED FINANCING AND LEASING COSTS - Net of accumulated amortization of $83,285 and $214,174 at September 30, 2013 and December 31, 2012, respectively	207,505	83,731
LEASE INTANGIBLES - Net of accumulated amortization of $0 and $325,414 at September 30, 2013 and December 31, 2012, respectively		11,221
DUE FROM AFFILIATES		403,182
OTHER ASSETS - Net	163,601	209,954
ASSETS RELATED TO DISCONTINUED OPERATIONS	87,771	5,281,805
Total assets	32,657,418	42,440,028
LIABILITIES:
Mortgage notes payable	2,406,883	2,426,003
Land notes payable	5,615,000	5,910,000
Accounts payable and accrued expenses	467,356	426,229
Due to affiliates	30,400	37,542
Security deposits and prepaid rents	3,281	11,173
Liabilities related to real estate assets held for sale	8,107,006	11,604,443
Liabilities related to discontinued operations		4,737,049
Total liabilities	16,629,926	25,152,439
COMMITMENTS AND CONTINGENCIES (Note 10)
NONCONTROLLING INTEREST - OPERATING PARTNERSHIP	3,203,896	2,674,390
SHAREHOLDERS' EQUITY:
Preferred shares, $.01 par value, 20,000,000 shares authorized, no shares issued and outstanding
Common shares, $.01 par value, 100,000,000 shares authorized, 10,671,684 and 10,641,928 shares issued and 10,014,582 and 10,569,211 shares outstanding at September 30, 2013 and December 31, 2012, respectively	106,717	106,419
Additional paid-in capital	31,095,550	31,813,622
Treasury shares, at cost 72,717 Shares at September 30, 2013 and December 31, 2012, respectively	(71,332)	(71,332)
Accumulated deficit	(18,307,339)	(17,235,510)
Total shareholders' equity	12,823,596	14,613,199
Total liabilities and shareholders' equity	$ 32,657,418	$ 42,440,028