The former 5R Ranch was bought by Richland Communities last year for $50 million. So far, no plans have been submitted.

City leaders have agreed to pay a developer $450,000 to relinquish ownership of the Walesbilt Hotel in downtown Lake Wales.

Richland Communities purchased 4,158 acres southwest of Lake Wales, Florida, for $50 million. The purchased land, previously 5R Ranch, currently has a rural agricultural land use designation.