What's the societal value in trying to financially engineer land development? Is it to better utilize existing infrastructure? Charge each property proportionally for the road system and fallow land will naturally be developed to handle the taxes.
Absent a LVT, that opportunity cost is mostly born by the people who don't own the land, i.e. the coffee shop that _could_ have been there instead of whatever lower value use is there now. With a LVT, that opportunity cost falls more on the person who owns the land, i.e. the owner wants to keep their SFH in the urban neighborhood, but now pays a higher tax which reflects that under-improvement.