Option 2 - No parking

Jean, this is a credit where you have to choose one option. You don't get additional points for doing both options.

I'd never want to contradict Tristan...but it would appear that the Ref guide says a project can achieve an EP if both conditions are met and 100% of parking is underground/covered.  Now...it would appear that your project doesn't have any parking spaces; therefore, it doesn't appear that you can cover them, and so...Option 2 seems not possible.

On page 199, under step-by-step guidance - it indicates which options might be best for certain projects.  I'd start there with determining how to proceed your project.

Note...without seeing your LEED boundary, it will be difficult for us to help advise on whether Option 1 will be possible or if any paving even exists in your boundary; however, the key to Option 1 is to have a compliant roof condition first.  High SRI paving alone does not appear to be able to get you compliant as it used to in LEED v3. 

Hope this helps!

Landry, I'm always up for being corrected, thanks! I didn't consider EP when I made that comment.... I agree with everything you've written.

In case anyone peruses this question for an answer for their project, USGBC just published a LI for this scenario:
https://www.usgbc.org/content/li-5370/

"A project building with no onsite parking facilities may be eligible for 1 point under LEED v2009 SSc7.1 and LEED v4 SSc Heat Island Reduction, provided that no nearby offsite parking facilities are leased or owned by the building owner, property manager, or tenants for use by the building occupants. The project team must supply evidence of this by, in single-occupant buildings declaring that no such parking is provided, or in multi-tenant buildings by declaring that no such parking is provided and by detailing the method by which this was assessed. If such offsite facilities are leased or owned, the project team may document compliance with the credit by showing that 50% (O+M) or 75% (BD+C) of the provided spaces meet the Heat Island Reduction Roof requirements."

This interpretation is a little perplexing to me despite reading the source & Ref. guide several times. We are adding a 22,000sf LEED wing to an existing classroom building and providing no new parking despite increasing occupancy. Roof and paving is high SRI and additional shade is being incorporated in the portion of the site we are disturbing. Sounds like we can still design to achieve 2 pts in Opt. 1 but are ineligible to pursue opt. 2 with (non-existent) underground parking for exemplary performance. Or are we limited to 1 pt. for achieving Opt. 1 because our paving doesn't include parking? 

If I'm reading your description correctly, your project does not include any parking at all. This would mean that you should be eligible for both points under Option 1 if you do, indeed, meet the non-roof and roof criteria, but are not eligible to pursue the EP point.