Kiltane Developments submitted the plans to build 28 flats, 140 student flats and 77 student studios at Gorgie Road.
Three commercial units are also proposed to be made available for retail, financial and professional services use.
The need for two-bedroom affordable accommodation in the area has been confirmed by the Council's Housing Team. The residential mix includes 29 per cent affordable homes delivered on site and serving the social rented sector.
The site is highly sustainable, within cycling distance of the city centre and is also on a number of major bus routes.
There will be 264 cycle parking spaces and car parking will be provided in the existing underground storage area. The proposed car parking represents just 30 per cent (33 parking spaces) of the maximum car parking allowed by parking standards (108 spaces).
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The proposal seeks to extend the public amenity between the building edge and the Water of Leith Walkway to provide a shared space, adjacent to the proposed commercial unit serving local residents and users of the Water of Leith Walkway.
This will provide an attractive frontage on the Water of Leith and significantly enhance the public realm, including upgrades to the public footpath.
The site is in an accessible location and close to university facilities. Provision of purpose-built student accommodation will support the growth and development of the higher education sector in Edinburgh. In doing so it will increase the range and choice of accommodation offered to students.
The current ratio of approximately three students per one bed space in Edinburgh, demonstrates the demand for new purpose-built student accommodation (PBSA).
A spokesperson for Kiltane Developments, said: "I'm delighted with the decision taken today by councillors. As an Edinburgh-based company, we are thrilled to see this exciting project given the green light and look forward to bringing this mixed-use site forward.
"The delivery of housing, including much-needed affordable housing, student accommodation and commercial units will assist in preserving the viability of the nearby local centre. We are also providing an attractive frontage on the Water of Leith and significantly enhancing the public realm, including upgrades to the public footpath."
