This is the entrance to Horseshoe Creek, along US Hwy 1 in north Melbourne (north Eau Gallie area), looking eastward across the Indian River Lagoon. The land in the background is south Merritt Island, which used to have a dragon at the south end (vandals and the elements helped destroy it). Along that island is State Road 3 (Courtney Parkway) which runs from Mather's Bridge (a drawbridge on the other side of the south end of the island) all the way to the Vehicle Assembly Building at the Kennedy Space Center, 25 miles north).
Horseshoe Creek, which isn't really a creek at all, runs under US Hwy 1 and back into a small residential area. It is a small wetlands area and, in this picture, the water is very shallow all the way out to about where the boat is.