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This study is an initial step in exploring how urban design typologies can help inform community asset research to broaden the definition of physical assets. Asset based community development research identifies specific types of physical assets such as streets, structures, housing or vacant lots. This research argues that a comprehensive look at physical assets is needed, taking into consideration urban typologies such as paths, landmarks, views and districts as well as the spatial relationships that influence their significance. Community asset literature and conditions specific to the Sunnyslope community in Phoenix, Arizona suggest that differences in ethnicity such as spatial segregation, and socio-economic status exist. However, the literature does not address how these differences in ethnicity might influence residents' perceptions of physical assets. This study explores the questions - How do perceptions of physical assets vary among women of different ethnicities? What, if any, are the reasons behind these ethnic differences in perception? The research applied a survey instrument with open-ended and close-ended questions, and a map to mark frequently used routes. Assets identified by recoding open-ended responses were statistically analyzed for frequencies. The most frequently mentioned assets were analyzed by GIS for spatial relationships. Women of White and Latino ethnicities frequently chose individual buildings and locations as physical assets over paths, views, districts and landmarks. White women identified urban typologies as physical assets. In contrast, Latino women identified no significant urban typologies as assets. The inclusion of urban typologies confirmed and expanded upon physical assets previously identified by other asset-based studies on the community of Sunnyslope. Notable differences in ethnicity were found in the perception of physical assets of economic significance, assets for use and assets of visual appeal. Besides ethnicity, age and proximity to assets also influenced asset perception of White and Latino women. Community organizations need to take into consideration the ethnic differences in perception of physical assets, in the context of culture, spatial segregation and differing family structures. The inclusion of urban typologies helped highlight the differences in ethnicities for physical assets of visual appeal, and the use of leisure and recreation facilities.