This shows the Indian River Lagoon and the west bridge of the SR404, Pineda Causeway. The causeway connects Patrick Air Force Base and Satellite Beach to the mainland at Palm Shores/Suntree. This is at the boat ramp on US Hwy 1.
Yes, that is a semi-sunken sailboat on the left. You can't see them in this picture, but there is a half submerged catamaran and a beached yacht (big boat, not really a yacht) near/on the shore on the far right. The catamaran has been sunk before, only to be repaired, but it seems maybe it's done for good this time.
As seen on WESH2 news on 24 Jan 2012!