A small, 100 x 100, commercial lot at 977 Pacific St (near Grand Ave) has an asking price of $1.5M.
Few people that pay that much for a site are going to leave it dormant.
One can also expect the area land owners will band together and lobby for zoning that allows it to be residential, not commercial/industrial . ...more power to them!
....In 5 years, will there be vacant lots in western CH left?
to buy it... http://www.c21amhomes.com/results.asp?mls=2475109