WASHINGTON, DC—An affiliate of locally-based Level 2 Development has acquired the Burger King site at 320 Florida Ave. NE for approximately $8.8 million.

The firm, which is working with Edens to redevelop the 45-acre Union Market, purchased the property from Houston-based REIT Lionstone Investments.

The sale was brokered by Mac Realty Advisors, which marketed the property for Lionstone with the potential to build about 200 residential units, according to the Washington Business Journal. However, if the firm moves in that direction, it would require a zone change through the District’s PUD process.

Level 2 Development Principal David Franco says it is too early to discuss plans for the 28,394-square-foot property. See story in the Washington Business Journal.