At its meeting Thursday, the Planning Board will continue a public hearing into a proposal to rezone the site of the building at 80-82 Cambridge St. that formerly housed Palomar Medical Technologies. M11 Realty LLC wants to rezone the property from General Industrial to Continuous Traffic Business District in order to demolish the building and replace it with a Mercedes Benz dealership, according to Don Benjamin, the town’s senior planner. The board will make a recommendation to the Jan. 27 Town Meeting on the proposal. Also Thursday, the board will hold a public hearing on an application by the Gutierrez Co. for approval of a preliminary subdivision plan for the 15- acre site off Route 3 that is often referred to as the “Canyon.” Town Meeting recently rejected a proposal by Gutierrez to rezone the Wheeler Road site in order to develop an office building on it. Benjamin said the company filed the proposal for a two-lot subdivision prior to Town Meeting. The application had the effect of preserving the company’s right to develop the property under existing zoning.