The town of Lake Placid, back in 1842 was originally part of land set aside for the Seminole Indian Nation. There were 75 homesteaders around 1913. Various names were given to the settlement (Lake Buck, Lake Stearns, and Lake June). The Atlantic Coastline Railroad changed the town's name again to Weco, the railroad's official name of the train station.

Promoters of a land and citrus development (A.H. DeVane, E.C. Stewart, and Ernest Morrow) renamed the town Lake Stearns in 1924.

Lake Stearns or Lake Placid, as we know it today was one time the largest town (in area) in the United States. The boundaries on the South were State Road 70, on the North by Josephine Creek. The Eastern side reached Lake Istokpoga and the Western included Lake June.

The town was incorporated in 1928 and it's name was officially changed to Lake Placid, after the famous New York resort of that name.

Dr. Melvil Dewey (origionator of the Dewey Decimal System) had visions of establishing a resort town to surpass Lake Placid, New York and spurred development of the Florida community as a resort.

The town prepared for the tourist boom. Main Street had picturesque arches and landscaped parkways. There were several hotels and lodges. The expected growth did not occur, due to the great depression. But through the years, Lake Placid has seen a stronger steady growth, filled with strong American values and traditions, bringing it to the fine community it is today.