Removing lots is a permanent operation. The lot's data, images, etc. will be removed and the lot will no longer be interactive on any map. Alternatively, if you would like to hide a lot for a period of time you can deactivate it instead of removing it. This keeps the lot visible on the admin side, but hides it from your marketing maps.
Note: Lots that have been removed can be added back to a project as new lots contacting support. In some cases, if contacted early enough, the original lot data can be replaced as well.