It sounds like you've found a promising property! The fact that it's in the heart of Lakeland and close to various amenities makes it even more appealing. The ability to subdivide the 5.14-acre parcel into one-acre lots offers flexibility for potential development or investment opportunities.
Given its zoning for residential property with allowance for multi-family use per acre, there's potential for various types of residential development, which could cater to different housing needs in the area. And if you're considering commercial use, it's great that you have the option to pursue rezoning, although that would involve a process with planning and rezoning, as you mentioned.
Before proceeding further, it might be a good idea to carefully review the attached planner and zoning response documents to fully understand any restrictions, regulations, or processes involved. Additionally, consulting with local real estate professionals or zoning experts could provide valuable insights into the potential of the property and the best way to proceed with your plans. Give me a call I’ll be glad to help you through the process