The zoning code probably says so, but the reality is that parking codes are usually outdated and based on poor assumptions. I walked past again on Saturday afternoon and there were even fewer cars and I observed six different people walking home from the store rather than driving. This property is on a corner and kills the otherwise pleasant walkability of the neighborhood. Nothing to look at as you walk by. Not even some softening with decent landscaping. Just barren asphalt. Can you imagine what that experience must be like in the dead of August?
The developer chose to highlight the abundant free parking rather than take advantage of the prominent corner location by placing the building at the street where it can be seen and easily accessed by pedestrians. In the developer's defense, it's possible the zoning code REQUIRES this.
Developments like this are deadly to the urbanism and contribute to making neighborhoods places that are not worth caring about.