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Interesting discussion and good comments. Designing transit to avoid highways reflects the latter's negative impacts on surrounding environs and its tendency to support vehicle dependent development patterns. However, as several posts have noted, many key destinations are located adjacent to or in close proximity to highways, which also make for cost-effective transit corridors. They key issue would seem to be: do we deploy transit to support travel to these large destinations notwithstanding the otherwise poor transit environment? The answer, I suspect, is highly context sensitive. But if we can do so cost-effectively (relative to other potential investments) then I don't see why we would not. Also, the co-location of transit and highway infrastructure might become increasingly important should time-of-use road-pricing become more widely deployed. Such corridors are exactly where more accurate road pricing signals might solicit changes in travel behaviour, precisely because a convenient transit option exists. I'm certainly onboard the JW bus on this one. Pragmatic outcomes should govern transit investment; I suspect co-locating transport rights-of-ways often makes good sense.
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