From time to time Florida developers have built housing developments on "land and lakes" tracts. It usually ends badly because the ground is unstable (still settling after all being mined), though post-tensioned prestressed concrete slab foundations can be used to reduce cracking (but not eventually uneven floors).
In my experience with phosphate industry sludge ponds, nothing much grows. I just looked at aerials from a tract southeast of Bartow that was under consideration for development in 1997. It had been out of service for almost twenty years back then. The ponds are no longer obviously toxic, but there is still does not appear to be normal Florida native vegetation along any of the shorelines.
Not surprising given how acidic phosphate sludge water is.
The fact that sea water can be stored in the leaking stacks over in Manatee county speaks to how sterile they are. The salinity of seawater is deadly to typical terrestrial plants.
Traditionally, Floridians call them "sludge ponds" as here, https://www.gainesville.com/news/20160929/mosaic-says-tests-...