Beginning in 2014, Central Market parent HEB began snapping up parcels on the city block bounded by Lemmon and Bowser Avenues between Reagan and Throckmorton Streets. Their intent was to open a Central Market. That plan has been abandoned for what I last heard was a Central Market planned for the old Albertson’s location on Lemmon and McKinney Avenues.

The main reason the deal failed was zoning. The parcels facing Lemmon Avenue are zoned for commercial operations while the Bowser-facing lots were zoned for residential use. The Oak Lawn Committee told HEB there was no way they’d support a commercial encroachment into a residential area. I’m sure the fear was that if they’d said “yes” here, other Lemmon Avenue businesses would want to convert the residential backs of their blocks to commercial too. (more…)

Recently sold 3131 Turtle Creek offers glimpse into DCAD’s commercial problem

Whenever property taxes are spoken about, residential usually gets the most ink. The reason is simple. The commercial market offers a fraction of the data available to a residential assessor. In the residential world, similar homes are typically clustered together, placing them in the same valuation realm. There aren’t a lot of crackerboxes on Strait Lane.  However in the commercial world, a four-story building can be next to a skyscraper.

Also, unlike residential, there is no centralized multiple listing service to get a view of commercial properties for sale. If residential is iPads and apps, commercial real estate is the equivalent of a quiet conversation in the back of a darkened, smoke-filled restaurant. It’s just more difficult.

I’ve made the suggestion that DCAD needs to hire appraisers to zoom around town and physically inspect commercial real estate to accurately assess its value. That’s because …

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