Actually, I think the first land bank was in Cleveland or somewhere like that. The Midwest has been dealing with what to do with spaces created due to "deindustrialization" for a long time.
What they may be slow to see in the Midwest is the end of car culture and that the same land banking ideas may need to be applied to shopping malls and vacant lots in downtowns.
I have to say, I remember my first extended stay in Grand Rapids (two weeks in 1998) and I was so surprised that there was so much in walking distance (1.5 mile radius) of where I was - shops, restaurants, grocery stores, big box stores, bookstores and for two weeks I walked everywhere and *never* encountered anyone on the sidewalks except one guy who looked homeless. I have been going back to Grand Rapids every two years for 20 years now (will be there in about three weeks) and I have seen a *little* change, but very little.
This compared to my five years in Madison, WI, where huge numbers of people go everywhere on bike and foot. I knew professional people who didn't own a car. One friend lost his job and he was so anti-car, he was biking seven miles to the airport with his interview suit in his bike panniers and then biking home... at midnight... in February, when the forecast was for 0F/-20C
All that to say that I think GR is going to have a tougher time with the death of the mall than Madison will (though Madison is anchored on three sides by three big malls - East Towne Mall, West Town Mall and South Towne Mall. Or at least it was 20 years ago).