The first European settlers came to the area near Saunders Lake in the 1850s. In 1854, Nathaniel Sanders and J. F. Buck settled on its shores. Saunders Lake was named for Nathaniel Sanders.*.
The lake is a large, Type 5 wetland, classified as a Natural Environment lake.*. The lake outlets through a small channel to Langdon Lake, which discharges through a culvert under Highway 110 into Lost Lake, which outlets into Cooks Bay of Lake Minnetonka.
The corridor between Black and Saunders Lakes is comprised of wetlands and maple-basswood forest and has been identified by the DNR as a regionally significant area with outstanding ecological value. Most of this area has been incorporated into Gale Woods Regional Park by the Three Rivers Park District.
Saunders Lake scores highly on vegetative diversity, fish and wildlife habitat, and is classified in the Preserve category. The lake is considered by many to be a great crappie fishing lake.
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