Available with 3D Analyst license.
When developing a 3D view, you may need to define the drawing order priority between two or more feature layers. An example would be adding in building polygon and parcel polygon data, where both layers are rendered using filled symbols. If the draw order priority is not set correctly, the parcel polygons could obscure the building polygons.
Data can be displayed as either a floating layer or a draped layer in the 3D view. Floating layers usually define their height source separately from other layers in the 3D view. Draped layers usually share the same surface data as other layers.
The drawing priority of layers becomes important when
- Using partial transparency
- Multiple layers share the same 3D location
- Multiple layers are draped on the same surface
Although feature layer drawing priority is supported in both ArcGlobe and ArcScene, the settings are exposed differently.
Floating layers in ArcGlobe can be given a drawing order based on their position relative to the globe surface, which has a representative draw order position of 0. Floating layers that are above the surface should have a positive drawing priority value, such as +1. The higher the floating layer compared to other floating layers, the higher this value should be. Similarly, floating layers below the surface should have a negative drawing priority value, such as -1. The deeper the floating layer compared to other floating layers, the lower this value should be.
Draped layers in ArcGlobe do not use the drawing order layer property to define their display priority. Rather, they use their relative position within the Draped category of the table of contents. Layers are drawn from the bottom of the list to the top, so layers higher in the list will obscure those below them. Simply drag layers up or down within the Draped category to reorder their drawing priority. Be sure the table of contents display is set to List By Type 
to show the layer categories.