This is a target for some quests in the 5-10 level range. At least one of the ships sunk in the Anchorage was a pirate vessel. The first Second War style Elven Destroyer depicted in WoW is located here.
The only building that is present here is a tall, three-story building. In the center of the second story is a golden orb with an arm extending through the side of the building, through a slanted opening that curves up and around the building. At the end of the arm is a curled loop. It can be assumed, based on the construction and location of this building as well as the shape and placement of the opening the arm extends through, that this is intended to function as a sort of cargo crane or a boat lift for maintenance or unloading.