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City officials say the legislation is the first for any US city to formally prioritize diverse applicants who are looking to participate in the marijuana industry.

"We have been gearing up for some exciting growth and expansion, and Florida is a big part of our strategic plan for our company's future."

The deal was announced by New York City-based Meridian Capital Group, which arranged $97 million in acquisition financing to the new ownership.

DSC Logistics has already taken occupancy of 250,000 square feet at the building to start processing inbound deliveries and, within the next six months will expand to occupy half of the newly built distribution center once additional interior and site improvements are completed.

"Colony's Board has given Tom Barrack too much deference and too much latitude for too long," according to Blackwells Capital CIO Jason Aintabi.

The new location it is expected to open for business in the fourth quarter of 2020.

The new 10-year interest-only loan has a fixed rate of 2.99% and matures in December 2029.

Upon completion, Hoboken Heights at 1300 Manhattan Ave. will feature four buildings with 55 luxury residences, including nine penthouses with private elevators and expansive terraces.