Recognized as a National Historic District by the Department of the Interior, the historic Lake Wales downtown commercial district is an area filled with shops, restaurants, and entertainment. It is being carefully restored, building by building, to its appearance as it was in the 1920's.

Along with two adjacent residential districts also recognized by the National Register, the National Historic District features a number of indoor and outdoor murals reflecting the early history of Lake Wales as a planned community.

The area is also the site of frequent entertainment events, including an annual Mardi Gras Parade and the World Dance Bazaar; a monthly Antiques, Art & Oddities event; and a monthly antique car cruise-in.