The wreck of the USS Columbine was recently discovered and identified by sport divers according to the Wreck Site.
Bill Rivers, on his site, said that he started researching the USS Columbine in October 2003. In November that year, the wreckage was discovered and was identified in 2005 by an archaeologist. The reason it took so long to figure out the Columbine's location is because the Horse Landing of today is not at the site it was back then.
Most of the underwater work has been done and research suggests that soldiers and sailors killed during the battle may still be at the bottom of the river.
There is a long article about the search for the Columbine in the Dec. 18, 2005, Florida Times Union "Waiting for the Truth to Surface" by Roger Bull.