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There should be one north of town and one south of town, and the actual highway should run about five miles east of downtown.
Had it been built that way (as a traffic engineer's wet dream), Waco would have been a ghost town by the 1970's. Who's going to get off to patronize a business that you have to drive 3 or 4 miles over surface streets to get to? Ask Salado what the closure of exits for a couple of years did to businesses (employers) in that town. The only places that would have benefited from such a circumstance would have been the larger "nodal" towns like Dallas and Austin from lessened congestion on the route between them. Everyone between the larger cities would have suffered.
I understand the notion (mostly a European thing) that there should be a difference between streets and roads. Streets are where you live and roads are to go between places where people live. This works well (I guess) in Europe where high density housing is the standard even in the middle of nowhere. I've never understood this. I prefer the North American decentralized model.
Those who would embrace the European model likely approve of the 15 minute city. The idea that I can get in my car, and in an afternoon's time be 600 hundred miles (not 965 f'ing KM) away from where I belong drives central planners crazy. Just like the idea I might want to cut 5 minutes off my trip from north to south Waco by conveniently jumping on the interstate.
Freeways built with tax dollars through towns need to serve the local taxpayers as well as those just passing through.