Construction has begun on Pure REIT’s 1.2-milliion-square-foot Lakeridge Logistics Centre in the Greater Toronto Area.

With earthworks completed, footings and foundations are now underway on the facility in Ajax., Ont., said Ben Sykes, an Avison Young principal who specializes in industrial and capital-markets transactions, in a LinkedIn post.

Lakeridge is located at 537 Kingston Road, near Highway 401. The speculative development is expected to alleviate intense GTA industrial real estate supply pressures, at least for a while.

Although the pressures have eased somewhat from recent month, industrial availabilities are extremely limited throughout the region.

Lakeridge is on track for market delivery in the fourth quarter of 2024, said Sykes. The class-A project is being constructed based on zero-carbon and LEED-design principles.

Avison Young is acting as the listing agent for Pure. TriAxis Construction, based in the Toronto suburb of Mississauga, Ont., is managing the project.