Crosslane Student Developments is working in partnership with Unite UK Student Accommodation Fund (USAF) to build a 237-bed purpose-built development at Lutton Place.
The site was bought from the local authority for £6.2 million in December.
Features of the project include 44 studios and 193 cluster flat bedrooms, as well as communal facilities including a common room, meeting space, gym and bike storage.
Donald MacDonald, MD of Ogilvie, said: "We are delighted to have been awarded this project by Crosslane Student Developments.
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"Our team has built up significant expertise in the student accommodation sector and the building will be completed to the highest modern construction standards."
Jon Stewart, director of Crosslane Student Developments, said: "Crosslane Student Developments identified the site at Lutton Place as a prime location for purpose-built student accommodation in Edinburgh.
"This partnership with USAF is consistent with the Crosslane strategy to deliver an outstanding pipeline of high quality new build student accommodation assets to the buoyant UK market and of delivering optimal returns to our investors."
David Faulkner, USAF fund director, added: "We are delighted to be working with Crosslane Student Developments to deliver this high quality development in Edinburgh.
"This new centrally located property will provide a safe and secure home for the increasing numbers of students attracted to this lively and historic city."
The scheme is due to be completed in summer 2017.
(LM)
