The mixed tenure development will have 96 family homes for social rent, 88 homes for mid-market rent and 132 family homes for sale.
Keepmoat is expecting to start on site in February 2017 and take three years to complete.
Cllr Joan Griffiths, housing leader for City of Edinburgh Council, said: "North Sighthill is one of the largest new house-building projects in Edinburgh, after the regeneration of Pennywell in the north which is well underway.”
Eamonn McGarvey, regional managing director for the Regeneration division at Keepmoat in Scotland, said: “Now that North Sighthill has been cleared of low demand high rise flats, our proposals shall create a development that Edinburgh can be proud of; benefitting from a cohesive, high quality public realm and seamless tenure that generates a sense of community and civic pride that helps to create jobs and improve the area’s social and economic prosperity and attractiveness.
“This highly important new project is an exemplar of urban regeneration built to high environmental standards. It’s a prime opportunity to showcase exactly how Keepmoat as a business is perfectly placed to deliver major mixed use developments that offer a variety of homes for market sale, as well as private or social rent.
“We also face a well-documented skills crisis in the construction industry and this project offers an ideal opportunity to upskill a new generation in varying construction disciplines. We shall engage enthusiastically and positively with local schools and colleges to encourage young people to consider careers in the construction industry.”