I hope the whole traffic thing, for residential buildings, is just getting old. It's nearly insignificant to the local area.
I've raised the point before: why would we assume vehicle traffic would increase at all? The site has an existing use, with ample surface parking for what, maybe 40 cars? If you look at the Google streetview images you'll see more than a dozen cars parked there in the 2011 image. Traffic has been coming and going for ages, is my point. The question is, how much additional traffic could a small redevelopment possibly produce, if any? They're not building a big shopping centre or an office complex with acres of parking. No gas station, no drive-thru fast food outlets...
Just examine existing neighbourhood residential projects of similar magnitude, format, & price range. Do they ever produce legitimate traffic issues? I'm not saying they never do, I'm just saying we don't need to speculate. We've got all sorts of real precedents to consider.