In 1946, real estate developer and contractor Hal Ratliff began the process of building the community around an old rock quarry (which later was filled with water and became the village's artificial lake.)

He had the help of architect Clinton Gamble, who designed the original homes, and financier and accountant Charles H. Lindfors, who initially bought the land.

Ratliff's goal was to build a community that was low-key, with heavy forestry infrastructure, allowing neighbors to keep to themselves and have some anonymity.

The three homes of the three main founders of the village were the first to be built on the property, which was originally platted for a subdivision.

It was on the market for two years, and Sue Carolyn Wise, their broker, went on television news stations and shows like CNN and A Current Affair to help promote the sale.

[9] After the two years of trying to be sold, Lazy Lake came off the market, and the village decided not to have the broker's contract renewed.

[6][10] During 2008, a few residents on the village's north side wanted to disincorporate, secede and get annexed and incorporated into the city of Wilton Manors.

According to the United States Census Bureau, the village has a total area of 0.023 square miles (0.06 km2), all land.

[12] The village is a landlocked enclave surrounded entirely within the borders of the city of Wilton Manors.