It'll never work, because parents won't want to walk. We had a similar problem at the local French immersion school (yah, the Federal government funds public schools in English Canada to teach children how to read and write in both official languages poorly). Parents drive their kids, since they come from further distances than regular elementary schools.

Huge traffic jams every morning and afternoon along this major street. Parents of the students wrote to our local newspapers demanding a solution. Other people wrote, suggesting that the parent park in the parking lot of a nearby park (about 1 minute walk from the school). First set of parents wrote back, horrified at the danger this presented to their little darlings.

Last summer, city spent $100,000 (my estimate) putting in extra parking at the school (= less playground space for children) and traffic signals (= more congestion for others driving through that major street).