Lake of the Isles is a pretty interesting place. I lived within a few blocks of the lake for a year and my fiance and I went for tons of walks around the lake. It only takes about 30 mins walking at a decent pace to get around the lake. It is a nice piece of nature that is only a five minute drive from downtown. It is also fun to see all of the multi-million dollar homes that border the lake. The high population density around the lake makes it so that it is often pretty busy - which can be a good or bad thing depending on what you are looking for.
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