There are several examples which have been posted here where water wheels have been connected to dual rotor axial alternators running at fairly low speeds. Their was an example I recall in Africa of a wheel about the size of yours. The alternator for that project was huge.
Found it: http://www.fieldlines.com/story/2007/5/28/122237/355
the alternator for that project was 4 feet in diameter, and the water wheel was much larger than yours, although I am a little sketchy on some of its operating details.
The power available at your specific location would determine the size and cost of the alternator required. If you plan to feed the power back to your electric utility, in most, if not all juresdictions, you would have to do it in a method and through a device approved of by them, and some research on your part will likely be required to figure if it can be done and how to make it happen. Rich