New York Avenue Corridor Strategy Adopted Report New York Avenue Corridor Strategy Adopted Report | Page 24

PHYSICAL CONDITIONS
on E. Mitchell Street, Lovers Lane and Craig
Hanking Drive. In addition, a bike route on Sher-
ry Street will provide a designated north-south
route alternative. years (see Figure 2.8). Several of the parcels,
many of which are churches and schools, had
no reported sale date recorded in the Tarrant Ap-
praisal District’s records.
PROPERTY OWNERSHIP GEOGRAPHY PROPERTY UTILIZATION
In any redevelopment area, a strong presence of
local property ownership is desirable. This usu-
ally indicates a higher degree of attention paid
to the investment as compared to a parcel that
is part of a larger portfolio. As shown, Arlington
property owners control 83% of Project Area (the
larger area of influence that affects the Study
Area) parcels, representing over 61% of the total
acreage (see Figure 2.7). Three percent of the
properties are owned by out-of-state interests,
and those properties represent 17% of the total
Project Area. The majority of these properties
are located along E. Pioneer Parkway (SH 303)
and E. Arkansas Lane, and contain Multi-Family
uses. A total of 88% of properties representing
70% of the total Project Area are owned by local
interests (Arlington, Grand Prairie, Dallas and
Fort Worth). Overall, this is a good indicator for
redevelopment efforts, as local ownership tends
to be more “vested” in community-wide revital-
ization. Perhaps the most effective measure of an area’s
ripeness for redevelopment is the economic uti-
lization of existing property. This measure cal-
culates the ratio of improvement value to total
value, showing where land values may have a
disproportionate impact on total value. As such,
these properties often become targets for rede-
velopment or assembly for new development.
As shown, the Project Area includes a number
of properties, most located along primary and
secondary arterials, which are considered to be
underutilized (see Figure 2.9). Again, this un-
derscores the preponderance of lower-value
parcels and improvements throughout the cor-
ridor, typical of an area ripe for redevelopment
and revitalization.
PROPERTY TENURE
Tenure of property ownership could be an indi-
cator of an owner’s “basis” in his property. Gen-
erally, the longer a property is owned, the lower
the basis or initial investment in the property, as
outstanding loans are more likely to be paid in
full. This can be a measure of an owner’s will-
ingness to reinvest, or even sell, their property.
As shown, approximately 25% of the parcels in
the Project Area were acquired within the last 10
ARLINGTON, TEXAS
16