After a series of long delays and expensive cost overruns, CIM Group Inc. is ready to start construction on what will be downtown L.A.’s only supermarket.

John Given, the company’s senior vice president of development, said preparations at the site, dubbed The Market at 9th & Flower, could begin by the beginning of February.

“We’ve closed all the loops now,” Given said. “Everything is set to go.”

Located on a surface parking lot on Ninth Street between Flower and Hope streets, the $110 million development will contain a 50,000-square-foot Ralphs. What were going to be rental units will now be as many as 270 loft condominiums in seven stories above the market. The project will also have a 130-space underground parking garage.

Construction was expected to begin in October. Delays were caused when CIM had to renegotiate several contracts to take into account higher prices of steel and concrete.

To make the development pencil out, CIM added another floor of residential units and also switched the housing to for-sale condominiums.

“We’ve been working to accomplish a project that will pass muster in light of cost increases,” Given said. “We’ve had to reshape the project into for-sale housing.”

Sources with knowledge of the deal said CIM has stepped aside to bring The Lee Group Inc. on as the developer. CIM will remain involved as the investor and will lease the retail space. A call to The Lee Group wasn’t returned.

Construction will begin fully when the changes to the project that CIM proposed are given final approval by the Community Redevelopment Agency, which is expected to hear the matter at a meeting in mid-February. Calls to the CRA weren’t returned.