The site is to be developed as part of a joint venture between Ashwell Property Group and Network Rail, which owns the station. Network Rail relinquished its property development arm when it took over from Railtrack in June 2002. Cost consultant Gardiner & Theobald is also involved in the redevelopment.
Ashwell chief executive Paul Thwaites said that this area of Cambridge, encompassing the city's primary business centre, needed regeneration.
He said: "The council has been trying to regenerate that area for the past 20 years. It is an eyesore."
Thwaites has acquired the land around the station piece by piece.
He said: "When a building on Tenison Road came on the market in August 2001 I saw it as a strategic purchase. I followed that by buying on Station Road at the end of last year."
A spokesperson for Ashwell Property Group said that a final masterplan had yet to be laid down.