A company is set to press ahead with proposals to build student housing across the road from Meadowbank Stadium.
But campaigners have called on the city council to carry out a strategic review of the entire Meadowbank area - following controversial plans to redevelop the former stadium.
Scarlett Land and Developments Ltd has got hold of two adjoining sites on London Road following a deal with Summix Capital Limited. Both sites, which were previously under separate ownership, could now be brought forward to the city council for student accommodation plans or for housing.
The combined area for development is 0.75 acres and is directly opposite the former stadium, which hosted the 1970 and 1986 Commonwealth Games. Summix is now reviewing options for student housing or residential planning consent on the combined sites.
Developers say the sites represent a strategic purchase in an area close to the city centre ahead of the regeneration of the stadium site by the council.
Will Scarlett from Scarlett Land Development, said: “Summix have been highly strategic in the acquisition of two adjoining sites in such a strongly emerging part of Edinburgh.
"Their ability to move quickly and decisively has been a key factor in this positive outcome.”
In the 13 months since the company was formed, the firm has bought or sold 26 sites, with 12 deals in contract; combined, these total £78 million.
Stuart Black of Summix added: “Scarlett Land and Development provide an exceptional level of client service and market insight enabling us to acquire the adjoining sites.”
Campaigners calling on the council to halt its plans for developing the Meadowbank Stadium site for mixed use including housing and student flats, believes the overhaul to the local community needs to be looked at together.
Heather Peacock, campaigner from the Save Meadowbank group, said: "This is one of many developments currently planned within the Meadowbank area. They can't all be considered in isolation.
"It is also one one of the reasons the council's plan for the Meadowbank Stadium site has to start again from the blank sheet promised by the Lord Provost. A masterplan for the entire area is needed before any further work takes place, which is why the council's development sub-committee decided in June that no work on any part of Meadowbank Stadium site should take place under such a plan is approved by the planning authority."
The city council will be bringing forward detailed plans for the Meadowbank Stadium site through a master plan with the local community after obtaining planning permission in principle in June.
A council spokesperson, said: “Given its close proximity to the city centre, the site around the new Meadowbank Sports Centre is of strategic importance to Edinburgh.
"We’re currently developing plans to regenerate the area and as part of that we’ll be working with the local community and developers to create a master plan to maximise how this benefits local people.”
A contract has already been awarded by the council for a new Meadowbank sports centre, with a grant secured from Sportscotland for the development.