Property investment and development company Glenbrook has completed the acquisition of the 5.12-acre site from Marshall CDP for an undisclosed sum.
The company has purchased 87-89 Kirkstall Road, which sits opposite Kirkstall Brewery and the Life Church, and is close to the city centre.
The scheme has existing outline planning consent in place for 631 apartments and 10,000 sq ft of commercial accommodation.
Part of the plans also include creating a walkway along the River Aire giving access to and from the city centre.
Senior Development Manager at Glenbrook, Daniel Roberts, said: "Leeds is a forward-thinking and dynamic city; this site is strategically very important and its redevelopment will help create an attractive walkway along
"Our plans will bring an exciting new BTR concept to the market with features including pocket parks and a host of amenities to complement the substantial public realm areas.”
The scheme will be a build to rent.
Glenbrook said it will be submitting a reserved matters planning application in the coming months.
The plans are just the latest development in what is being dubbed the "Kirkstall Road renaissance" by industry experts.
City centre property expert Jonathan Morgan, who was the managing director of Morgans for 22 years before it was acquired by the Linley and Simpson Group, believes the Kirkstall Road corridor is key to the city centre's expansion.
He said the road up to the viaduct becoming the new city centre boundary.
Support the YEP and become a subscriber today. Enjoy unlimited access to local news and the latest on Leeds United. With a digital subscription, you see fewer ads, enjoy faster load times, and get access to exclusive newsletters and content. Click here to subscribe.