JCE - I can understand why Both Central High Level & Exchange were closed back in the 70's, but to echo your point, we do live in a reactive way & not proactive. There was no thought for increasing numbers & traffic congestion which we are now having to deal with & of course, will only get worse. So because of long distance trains being diverted to Lime Street in the 60's, both stations became more or less redundant & it was only a matter of time before they were closed. Central would have closed a lot earlier, had it not been for the remaining Gateacre service (which incidentally, was supposed to be reinstated after completion of the Loop & Link).
I'm not sure if the old Central High Level site could ever revert back to its former use, as I'm sure I read somewhere that the tunnel at the back of the site doesn't actually go anywhere now (due to the development of the Loop & Link). You can walk to the end of it, but then it stops & you can actually see the Northern Line tunnel running below.
So this only leaves the land at the back of Mercury Court that could be utilised & hence my suggestion for the rebuild of Exchange.
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In response to your question re. the thriving business district, I personally think that it's now a shadow of it's fomer self. When Exchange was open, it brought a great deal more life to the area. It now feels quite desolate. Reopening it would bring a lot more life back.
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