Does it have to be "PHASE 1"? If so, you will need to edit the AIA Long Format layer standard, as that limits the status field to four characters. (Note also that the current AIA/National CAD Standard format for the status field limits it to one character.)
If you can live with four or fewer characters, you can just type them into the layer override dialog. If it must be "PHASE 1", then I suggest you pick up Brain Dump No. 12 by Matt Dillon, available at http://home.earthlink.net/~ccyanchar/.
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David Koch
Member of the Autodesk Discussion Forum Moderator Program