The opening of a new $200m (€144m, £119m) entertainment hub in Orlando has been pushed back to spring 2015 – but finally has a confirmed name.

I-Drive 360 is being developed by Orlando-based Unicorp National Developments and New York-based Circle Entertainment. It features a Merlin Entertainments-operated 400ft (122m) tall Orlando Eye observation wheel as its centrepiece. The project also includes a Madame Tussauds wax museum and Sea Life aquarium – both operated by Merlin – as well as a number of shops and restaurants.

Unicorp president Chuck Whittall had hoped the complex would be open by the end of this year, but said construction issues to do with the nature of the “custom-made” observation wheel had pushed back opening. "The delays we've had have all been about building something that hasn't been built before," he said.

Switzerland-based Intamin Amusement Rides is constructing the Eye. Whittall said the wheel's base is largely complete, with its hub and spokes being assembled in the coming months.

The Orlando Eye will have 30 capsules capable of holding 15 people. During the 18- to 20-minute trip around the wheel, visitors will – on a clear day – be able to see Central Florida's theme parks, downtown Orlando, many of the region’s lakes, as well as the majority of International Drive.

The Madame Tussauds attraction will be Merlin Entertainments’ 19th, and will feature a wax model of Walt Disney. The Sea Life Aquarium will be the company’s 46th, and includes a submerged 360 degree tunnel with a Plexiglas floor.

Merlin already has a presence near Orlando as it operates the Legoland Florida theme park, which opened in 2011.

The project was originally called I-Walk Orlando, but this was dropped as it was considered to be too similar to Universal's CityWalk district. The next name iteration, I-Drive Live, was also scrapped.

Read more about Merlin Entertainments, including an interview with CEO Nick Varney, here.

Unicorp National Developments has posted a live stream of the construction of I-Drive 360 on its website.