Where a subdivision borders on or contains a railroad or limited access highway right of way, the Planning Commission, with the approval of Council, may require a street approximately parallel to and on each side of such right of way, at a distance suitable for the appropriate use of the intervening land, as for park purposes in Residential Districts, or for parking, commercial or industrial purposes in appropriate districts. Such instances shall also be determined with due regard for the requirements of approach grades and possible future grade separations.