The master-planned community of Lakewood Ranch will reach another milestone later this week. On Wednesday, the southward extension of Lorraine Road from University Parkway to Fruitville Road will open to traffic. Lorraine Road, which ends at SR-64, will now allow Sarasota County residents to have another route into Manatee County — and vice versa. Officials say the new road will help people get around any delays or crashes that may be slowing traffic along I-75. An invitation-only ribbon cutting will precede the road’s opening. The road will have two lanes in each direction with center turn lanes, wide sidewalks and landscaped medians with streetlights and decorative banners.