Over the last 10 years, development has stalled at the 66-acre site on Edinburgh's Waterfront, which includes the former Granton railway station and Edinburgh's last remaining gas holder.
Having now successfully concluded negotiations with National Grid, the council said the site's development is critical to its plans for a new vibrant city quarter, as well as the delivery of new homes for people on low and middle incomes.
In the last 10 years, the council and its partners have invested more than £309 million in the regeneration of North Edinburgh, delivering nearly 2,200 homes, retail, a new school, Craigroyston Community High and a new health and social care hub, the Pennywell All Care Centre.
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Depute Leader, Cammy Day, said: "This is a hugely important site for the city's economy and its acquisition is a key milestone in our plans to make Granton's Waterfront a great place to live and work. It will also make a significant contribution to our ambitious plans to build 20,000 affordable and low-cost homes over the next decade.
"Despite enormous global challenges the city's economy and population continues to grow and we want everyone in the city to benefit from this. I look forward to working with the local community, partners and colleagues from Scottish Government to shape our plans to develop the site."
Benjamin Gaunt, from National Grid Property, said: "National Grid has been working in partnership with City of Edinburgh Council for many years to develop Granton Waterfront, successfully bringing a number of projects in the area to fruition. We are delighted the Council has acquired Granton Waterfront and will be taking the site through to the next stage of development."
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