In recent years, Crestview was known for cheap new housing developments ( sometimes as low as $50/sf including lot until the early 00s) and an ugly cross buring incident in the late 90s. We looked up there, and could have had twice the square footage for what we paid for our house in Bluewater, but the cross thing weirded us out, and we'd already had one really bad experience living in the small town South.
The latest version of the rumor according to Mr. Mouse's assistant's realtor. (and could you possibly get more urban legend sounding than that, so believe what you will. I'm just having fun spreading the gossip):
The 600 acre residential development was a plan from 1998 that was never followed up on. That is now off the table. The new plan covers 2500 acres, and somehow involves a certain big-haired country singer who already has entertainment/theme park interests in Tennessee and Florida.