161 First Street, Cambridge, MA

This opens a major 250,000 SF development rights transfer mechanism in Cambridge's tightest lab/tech corridor — any developer active in Industry B or PUD-4C needs to track this new receiving district and the affordable housing conversion precedent it sets.

Alexandria Real Estate Equities has petitioned Cambridge to amend the Zoning Ordinance (Section 13.59.42) to allow a 250,000 SF GFA transfer from the PUD-4C District to the Industry B District, creating a new "Technology Square Transfer Receiving District" on the Zoning Map, in exchange for converting the existing brick-and-beam building at 161 First Street into affordable housing.