Local family-owned developer S1 Developments is planning to build 338 flats in blocks between 10 and 14 storeys high on a brownfield site at Ocean Drive on the edge of the Albert Dock.
The Skyliner development will be funded by Legal & General, marking its first build to rent development in Edinburgh and its second in Scotland.
L&G now has 15 build to rent schemes on the go across the UK delivering over 5,000 homes.
It is estimated that the scheme will be completed in 2022.
Luke McClelland, project manager at S1 Developments, said the scheme would breathe new life into a long-neglected area of Leith.
He said: “A key element of the scheme is delivery of a new public boardwalk, served by established cycle routes and the new tram connection, which will provide the local area with a fantastic new amenity space.
“We look forward to getting these proposals underway and to continue working with council officials and the local community to deliver them.”