Melbourne's Southern Star Observation Wheel - why bother rebuilding?

On December 20, 2008, the Southern Star Observation Wheel was opened after more than 2 years of construction and a total cost of AUD$100 million. 

The Victorian Government was ecstatic and believed that the attraction would draw approximately 1.5 million visitors a year. This spectacular structure had an estimated height of 120 metres and was sure to be spotted from anywhere in the city, drawing people from far and wide to come and visit a normally docile and isolated Docklands area. 

However, in January 2009, approximately 1 month after opening, the wheel was shut down indefinitely due to buckling and cracks found in the structure. These discoveries were initially blamed on the heat wave Melbourne experienced in the summer of 2009. After further investigation was undertaken it was announced that the cracks were not caused by the heatwave, they were caused by problems in the original design. I'm sure the developers thought that they were truly in luck to have an extreme heat wave that they could use as a scape goat, people these days. 

Reconstruction work began in January 2011, two years after the initial problems were discovered in the structure. This "marvellous" structure had been lying dormant for two years! What a waste. 

The reconstruction seemed to be coming along nicely and everything was working just right until more problems arose on November 28, 2011.

This time the developers could legitimately blame the mishap on weather, but not entirely. Facing strong winds, the restraints on the wheel came loose and the wheel started turning, causing injuries to one of the on-site workers.

There have been a lot of announcments saying that the wheel will reopen some time within the next 6 months, but to be honest with you I'd have to say that these estimates will be incorrect.

I have been seeing the wheel every week for the past 5 weeks and I have seen no progress. There are never any workers on site and it just seems to have been abandoned.

The plan to build the wheel in the first place was just plain stupid. Melbourne does not need an observation wheel, and I can assure you that it would not attract 1.5 million visitors every year. 

An addition of an observation wheel just makes Melbourne seem like it is trying to outdo cities such as London and Singapore, who both have magnificent wheels. 

This whole project has been a complete waste of money and time. Everyone would be better off if the project was terminated.