Owner John Oram bought the island in 1994 and has convinced Ontario officials to allow many uses for the island. He's currently has deals on his desk for a variety of developments, including a village with multiple retail shops and stores, a gymnasium, a theater and other retail and entertainment venues. "It's got such an out-of-the-way appeal to people," he said of the island.

The plans, including a few large-scale condominium complexes, total about $500 million and would take about 15 to 30 years to build. Construction could start as soon as this spring, Oram said. "We've been in negotiation with a few parties over the last few months," he said.

The island already has a few restaurants and a posh nine-hole golf courseis under construction. Resident Mark Orr, also a real estate agent specializing in homes on the island, said he's extremely satisfied with his six-month old townhome."It's so quiet. We'll probably have small walking paths for the village or other things that come in, but the residential areas will probably still stay separate. Right now, I'm at home in my $340,000 townhome, and I'm looking across the street at $1-million to $2-million homes," Orr said. "We're looking at selling most of the new condominiums from the $180,000s to the high $300,000s."