Sorry for the long title. We are working on a pretty massive revitalization project here in my city. It is the entertainment core, full of restaurants, clubs, bars, and some daytime businesses as well. We're working on a single corridor, no longer than a quarter mile.
I know everyone will want more numbers, but I'm just going to give you the scheme, and maybe you can give some hints.
Currently, all businesses are at the rear of the lots, with parking in front, or on separate lots. The street has a 40 foot right of way, including sidewalks. There is no on-street parking currently. The plan is to require (by zoning) that businesses rebuild (when and if they rebuild) toward the front of the lot, with sidewalks built on business' property, and head-in parking along the street.
This scheme would mean a lot of lost on-site parking. To mitigate, we are proposing business-owners buy in to a parking mitigation fund that would help finance a parking garage. The corridor is walkable itself, and this would be a park-once scenario.
The question is this: if customers are still driving to the area, should their be any reduction in parking requirements? (I don't believe in requirements, but they are going to be in the plan, if only to calculate how big a garage is necessary.) Is there a handy "park-once coefficient" like 0.8--0.9 that could be applied to typical regs?
Any Cyburbian Brainstorming would be greatly appreciated!