MIAMI—With billions of dollars flooding into Miami's urban core, the district is in the cross hairs of some of the largest real estate developers and investors from around the world. All told, nearly four dozen cranes are now towering over city streets, making Miami the second most active construction market in the U.S., behind only San Francisco.

As the private sector targets Miami, the public sector has also been pouring capital into the area in the form of infrastructure improvements, new services designed to lure residents and businesses, and new amenities like parks and cultural venues. These public dollars are enhancing quality of life in downtown and serving as a magnet for fresh capital.

As a City of Miami Commissioner and Chairman of the Miami Downtown Development Authority, Marc Sarnoff is on the front lines of the city's current real estate boom. He has helped direct hundreds of millions of dollars in public spending to downtown and has been an advocate for pro-business policies. Hardly a day goes by when Sarnoff isn't meeting with a major developer seeking to invest in downtown. GlobeSt.com caught up with Sarnoff to get his take on Miami commercial real estate action.