Make the rich simple syrup: In a medium bowl, stir the sugar and 1 cup tepid water together until the sugar is dissolved.
Make the cocktail: In a cocktail shaker, add the ice, rich simple syrup, lemon and lime juices and gin, cover and shake well. Strain into an ice-filled Collins glass, top with club soda and gently stir. Finish with the orange wedge and the cherry and serve with a straw.