MIAMI—Is cost of living slowing growth in Downtown Miami? What about walkability? GlobeSt.com caught up with Sarnoff to get his take issues impacting the growth of the commercial real estate market in the urban core in part two of this exclusive interview. You can still read part one of the interview: "What Foreign Investors Really Want From Miami."

GlobeSt.com: Given the steady rise of real estate land values and prices, is cost of living in downtown becoming an issue that needs to be addressed?

Sarnoff: Luxury condo high-rises are capturing the bulk of the headlines these days as the next construction boom takes off, but in reality there is still a good amount of market-rate housing available. Areas like the Central Business District and West Brickell are seeing the rise of new projects catering to middle-income buyers who want an urban lifestyle.

Surrounding areas like Little Havana and Wynwood remain working class neighborhoods offering convenient access to the urban core. We still need to do more to encourage the development of traditional apartments and fund affordable housing in close proximity to our major employment centers.

GlobeSt.com: You recently announced plans for a downtown pedestrian zone. How will this look and what does it mean for the area?

Sarnoff: The best cities in the world share one thing in common: they're all walkable. Downtown has made strides in this area over the past decade, but there is still room for improvement. The urban core is home to 200,000 residents, workers and visitors every day, so we need to keep them safe.

Creating a pedestrian priority zone would mean that all crosswalks are well marked, street lighting is consistent, stop lights are coordinated, and ramps would be realigned with sidewalks. Speed limits would be reduced to 25 miles per hour and sidewalks would be a minimum of six feet wide.

Right turns on red would be eliminated and pedestrian crossing timers would be installed at all intersections. These changes will make the urban core a safer, more inviting place.

GlobeSt.com: There has been talk of a Flagler Street renaissance. What do you envision and where does that project stand?

Sarnoff: Flagler Street is the spine of the urban core, sandwiched between Museum Park and the Park West neighborhood to the north and the Brickell Financial District to the south. This was Miami's Broadway for many years and we can take steps to restore that appeal.

The DDA's Flagler Street task force identified 12 factors that should be addressed, including enhanced signage and lighting, the restoration of historic buildings, and the addition of new landscaping and public art. Partial closings of the street should also be considered to accommodate pedestrian activity and events.

Flagler Street is a County road, so the DDA's role is purely as an advocate. Improvements will hopefully come as the residential and commercial population in downtown grows, and with financial support from Miami Dade County and street level stakeholders.

GlobeSt.com: Downtown's last 10 years were defined by vertical residential construction. What will be the big trend over the next 10 years?

Sarnoff: The real story will be the diversification of the area's business base. The Miami DDA is actively recruiting hedge funds and financial services firms from across the US; we're seeing more and more technology companies launch in downtown; and new art galleries and studios are opening thanks in large part to the development of Museum Park.

Entrepreneurs from around the world are deciding to call downtown Miami home for the first time and they are bringing their companies and their ideas with them. We know that the urban core is becoming younger and more international and that will have a positive effect on the business landscape.