Waitaki Mayor Gary Kircher said the final phase of the project instigated by the Phoenix Mill Restoration Trust was well under way, and involved landscaping of the area, signage and amenities.
Topsoil has been spread and smoothed and grass seed sown by contractors. Stonework has been completed for a concrete plinth.
In addition, signs will soon be placed in Saleyards Rd to direct people to the site.
Mr Kircher, who is also a trustee of the trust, said there was no plan for an official opening at this stage, given a handover ceremony was held in mid-November that coincided with the town's Victorian heritage celebrations.
Originally installed 140 years ago, the wheel was given a new lease of life by the Phoenix Mill Restoration Trust, which was established about eight years ago by former North Otago resident Richard Pringle.
Work to restore the wheel started in June 2017.
