John Given, senior vice president of developer CIM Group, said construction on the $35 million Olive Street Lofts will start this summer. The developers, who are partnered in the project with the Lee Group, will erect the building on a vacant parking lot at 11th and Olive streets adjacent to a former UCLA Extension building. The property will contain 106 for-sale units. Given said construction will last 15 to 18 months.