Not far from Sparta, Greece, is a beach with a small island across it, called Pavlopetri. The name has been given by archaeologists to a submerged, bronze-age city discovered there in 1967. The city is believed to have been inhabited from as early as 2,800 BCE and was contemporary to the Minoan and later the Mycenean civilisation.
Under 9-12 feet of water, lie buildings large and small , extending over several acres. Finds such as numerous pithoi (huge storage pots) show it to have been a busy commercial port, whereas many loom weights testify to the existence of a thriving textile industry. The city was permanently submerged approximately 1,000 years BCE for unknown reasons, possibly an earthquake or tsunami.
As it was never again inhabited, it lay undisturbed, which explains the excellent preservation of its exquisite street layout and complex canal network. These have been reconstructed with the aid of sonar mapping and digital 3D techniques, to create an impressive visual recreation of a vibrant city, lost for centuries.
Watch the documentary, if you have the time, it’s really worth it.
Aristotle, Greek tourist guide 
Do you think this might be the sinking that sparked the Atlantis myth?
Let’s not read too much into that myth. I think that Plato invented it, pure and simple, in order to illustrate his ideas. I don’t think it was ever based on any actual facts.