THE relaunch of the troubled Docklands wheel has been delayed until 2014 - more than 1800 days after its closure due to cracks.

Bad weather and safety rules are blamed for the latest delays on the $100 million Melbourne Star - which has become a laughing stock.

The Herald Sun understands that the observation wheel's owner, ING Real Estate Development, has now detailed next March as a possible opening date.

That would mean the 120m attraction would not reopen until at least five years after its closure in January 2009, when structural problems emerged soon after its launch.

There had been optimism earlier this year that the installation of cabins was imminent, but a management spokeswoman Sally Abbott could not provide a progress report.

"The construction remains subject to Melbourne's wet and windy weather," she said.

Docklands traders have been frustrated by the long delay and Melbourne City Council has reduced rates for Harbour Town businesses to help keep them afloat.

Docklands Community Association president Roger Gardner said traders saw the wheel as a major drawcard.

"We all want to see it moving because we don't want it viewed as a thing of ridicule down here," he said.

Peter Seamer, CEO of Docklands developer Places Victoria, said it was important to have the wheel running again.

"Everyone is very keen to get it open as soon as possible," he said.

Asked when he believed it would reopen, Mr Seamer said: "Somebody said to me that they are targeting to get something done by the end of the year ... but that's purely speculative."

It is also believed the owner wants to sell the wheel and the adjoining Harbour Town shopping centre as part of a global restructure.

ING headquarters in the Netherlands did not respond to the Herald Sun's questions and the company's local spokesman, Thomas Locke, declined to comment.

The Groove Train manager Josh Wallace says the area is struggling to make ends meet after three years of failed promises to deliver the wheel.

"During the week, it's a ghost town, not Harbour Town. Turnover is terrible," he said.

"If we don't do good numbers in the next six to seven months, there's the possibility of the place being handed back over," he said.

john.masanauskas@news.com.au