Governor Deval Patrick is expected to join other dignitaries Wednesday at a ground-breaking ceremony to kick off a $65 million redevelopment of the historic Conductors Buildling site in Cambridge.

The eight-story, 70,000 square foot building to be developed on the Mt. Auburn Street site will create new restaurant, retail, and office space.

The century-old Conductors Building is one of the oldest original structures of the MBTA’s Red Line. Development of the new structure involves a complex design in which the building cantilevers over and above the electric transformers that power the entire Red Line.

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The property for the development was assembled from two parcels purchased over the past seven years. Developers bought one from MBTA in 2007 for $3.2 million. The second was purchased from the Bulfinch Companies of Newton in 2012 for $4 million.