I've been peeved for a while about the demands that the city places on these projects to provide "free" parking. Parking is never really free, of course: it takes up a lot of valuable space. In spite of this, Portland's traffic engineers continue to demand lots of it, in spite of the problems associated with bringing lots of cars into a downtown area.
Other cities are beginning to make parking lot owners charge the going market rate for their spaces. This is good economics, for one thing: halting the subsidization of parking will result in more efficient provision and distribution of parking spaces. For another thing, if people have to pay to park, they'll drive less, resulting in less congestion and air pollution, and more pedestrian traffic, and a livelier city.
Portland's downtown is extremely walkable. Even on the coldest winter day, one can walk from Longfellow Square all the way to the eastern waterfront with little trouble. So why does this area need so many parking garages?
I think that the best solution would be to build a big off-site garage (or garages) near I-295, with regular and reliable bus shuttle service connecting them to various centers on the peninsula. Keep people mobile, and stop burdening developers and business owners with autocratic (and out-of-date) parking requirements!