The Cambridge North Residential Quarter is being brought forward by blocwork, a joint venture between Network Rail property development company Platform4 and developer bloc.
Grainger has been selected to forward fund the rental housing scheme and will operate and manage the homes once they are completed.
Cambridge City Council and South Cambridgeshire District Council have approved the proposals, clearing the way for the next phase of the wider Cambridge North masterplan.
The scheme will provide a mix of one, two and three-bedroom apartments. It will also include linear parks, pocket gardens, tree-lined streets, shops and other active ground-floor uses.
The design will prioritise walking and cycling, making use of the site’s location next to Cambridge North station. The station provides direct rail connections to Cambridge, London and the wider region.
The residential quarter follows earlier phases of Brookgate’s Cambridge North masterplan. These have delivered a 217-room hotel and commercial space occupied by companies including Samsung.
Platform4 identified Cambridge North as one of four schemes when the government-backed property company launched last November. The company was established to accelerate housing development on publicly owned railway land.
Andrew Ferguson, interim chief executive of Platform4 and director of blocwork, said: “This is great news and the positive decision allows us to bring under-used railway land into active use.”