Agreed, the investment came from outside, as do most of these deals. Some are a waste of money due to a lack of innovative thinking (Ragged is a great example of this), they just throw money at an idea without thinking all through.
My point was that with the asset of the lake frontage, someone has their eye on that area and it is easier to purchase a large piece of the area, one small chunk at a time. Most people don't pay close attention to these sales, they get a bunch of hype and speculation in the beginning, people stop talking about it, then all of a sudden the lot gets cleared and sits in a holding pattern. These properties are owned by LLC's, which in this state can be owed by other LLC's or S-Corp's and there is no regulation on the length of that chain. Research could give insight on the common piece to this puzzle. There are 3 very large abutting pieces of property that fit and are under mutual control, despite what their tax cards read.
Even if it takes 20 years to fill in the puzzle, the water front is not going away and any current or future zoning can be navigated and worked around by a moderately competent individual, it just takes research and determination.
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