I hopefully did quite a bit of work which was time well spent working on this last night.I'm really hoping it doesn't turn out to be another flat image.I must admit though it looked much more vivid on my calibrated monitor, than it does here at work.
I like the arc of the shore. I'd crop out the foliage upper left.
The main processing issue is low contrast. You did a nice job on exposure and preserving the whites in the clouds.
Here is a first step adjustment, adding some curves work in LR for contrast.
Also did a bit of luminance adjustment using the TAT tool. Added a slight increase in vibrance and in clarity.
There are additional refinements to consider, including checking out a slight vignette, considering using some gradient work over the sky. This is to get you started.
I have heard of different types of contrast adjustment, mostly Global, which I would assume is working on the whole image and local, which I guess would mean more like burning and dodging and masking certain areas like sea and land and sky and doing work on them by themselves.
What would you say is the best way to add local contrast ?
In this image believe it or not I already did quite a bit, especially the seawall and building area in the background, which looked pretty dead and lifeless after tonemapping.
Since the sun is directly on them, and I think its important to know that when working on an image, since you don't want to lighten an area in shadow or shade. I masked those areas off and lightened them using exposure, although I'm not sure if Thats the best type of adjustment to do in this case, but it does the job I suppose.
I also darkened the grass in the foreground slightly too, so the attention was drwn more to the middle of the image.
I think it is still a bit flat, lacking contrast. The histogram showed very little blacks so I duplicated the layer, tweaked the levels a bit to darken and blended at 50% on soft light, a little dodging on the wall and the shoreline across the water.
I like the version Travis did best overall, but it darkened the far bank too much. I like the version Scott did better for that. Both are improvements IMO
Has some sharpness issues and a fair amount of noise, perhaps from the post processing. Could benefit from a darker foreground, clone stamp clean-up, color and contrast changes to the background side of the bay, noise reduction, selective sharpening, one to one and a half mid-tome bumps (USM at 16, 60, 0) and some other tweaks.
Here's an example with the suggestions, a bit exaggerated to illustrate:
