FLC acquired the raw land for Carillon Lakes in 1999 as a joint venture with a capital partner. Although the project was located in an area with little residential development, FLC realized the potential for a property with great natural beauty (owing to its lakes and dedicated wetland areas) and outstanding access to the Polk Parkway and I-4.

By the project's sell-out in 2007, FLC had constructed and sold 569 single family homes and 72 Carriage Home style condominium units. FLC also built a 13,000 square foot clubhouse, Junior Olympic pool, sports courts, a paved walking/jogging/biking trail, and other amenities throughout the 570 acre project.