5-R Ranch at Lake Wales Purchased by Developer in $50 Million Deal

The purchase of 4,158 acres of land on the southwest side of Lake Wales by an active land-development company may be a harbinger of yet another major development proposal.

The long-discussed 5-R Ranch property could potentially host many thousands of homes along with commercial and industrial uses if purchaser Richland Communities decides the time is ripe to develop the sprawling property south of Lake Wales Airport.

Courtesy Polk Property Appraiser

The sprawling 5-R Ranch property southwest of Lake Wales has been proposed for development in the past, but was met with a hostile reception by area residents who described the site as flood-prone and unsuitable for development.

Richland purchased the property for a local-record $50 million, but an official with the company said that the firm has no immediate plans for the site, which has a significant population of wildlife, including some endangered species. Much of the property was included in a "Big Green Network" during the Lake Wales Envisioned planning process. That described network of environmental lands would place limits on the outward growth of the city, but requires direct purchase of lands or the acquisition of development rights.

Past proposals to build on the property were met with hostile reactions from area residents opposed to developing the site, which is a mix of uplands, marshes, flatwoods, and mesic hammocks stretching as far south as Alturas-Babson Park Cutoff Road, known locally as ABC Road.

Richland Communities is currently building out or designing a half-dozen other large developments across central Florida, notably Sugarloaf Mountain and Minneola Ridge in Lake County. Those two projects will host nearly 4,200 homes and 1.23 million square feet of "commerce park" structures.

The potential for development of the 5-R Ranch site would become the largest project yet proposed for the southern Polk County portion of the Lake Wales Ridge. The similar Peace Ridge project, which has already received preliminary approvals, includes up to 6100 residential units spread across 1,943 acres. That site, located west of US 27 and south of Thompson Nursery Road, is also a mix of uplands and marshes stretching south to connect with Mountain Lake Road West.

Courtesy FWC

The 5-R Ranch property is known for a high population of wildlife, ranging from coyotes and bald eagles to sand skinks and gopher tortoises. The area is also ranged by black bears and the endangered Florida panther.

The recently annexed Lake Wales Commons project site, located at the western edge of Lake Wales on the north side of SR 60, is expected to contain 3,200 residential units, along with 1.2 million square feet of light industrial and 750,000 square feet of commercial development on 558 acres.

Meanwhile, CBD Real Estate Investment, a Celebration-based company headed by David Waronker, is pursuing approval of his plans for a 344-acre subdivision east of Bartow that he has re-branded as Emilie East. That project, formerly known as Peace Creek, was rejected by the Polk County Commission. Waronker is now seeking annexation into the City of Bartow,

Waronker has appeared before the Lake Wales City Commission on at least two occasions as he obtained approvals for several projects on the east side of the city, including the Hunt Club North and South projects totaling nearly 1,200 units.

If Richland moves forward with plans for development of the 5-R Ranch property, they are likely to seek annexation into the City of Lake Wales to obtain municipal services.

Pending approval of development plans for the Lake Wales Commons site, some 20,000 homes, a mix of single family, townhomes, and apartments, will be tallied for future development in Lake Wales. The 5-R Ranch project could easily push that number significantly higher.