Waterwheel Park is an important point of interest along the Clear Creek Greenway trail and serves as an interpretive location for the Charlie Taylor Water Wheel, an iconic structure in Idaho Springs. The project has also developed educational features that discuss the significance of Native Americans in the area and the adjacent Brown Trout habitat in Clear Creek.

The redesign and reconstruction of Water Wheel Park is being done in conjunction with a larger regional project, Peak Period Shoulder Lane. These park improvements will mitigate the impacts to the park as a result of the road widening. The park improvements include constructing river access to Clear Creek, an enlarged park space, native plantings, and aesthetic features relating back to the history of the site.

Water Wheel Park was completed in July 2016.