Did anyone else hear about who's now developing it?

Gary Ross.

This is only fitting, and an amazing talent to have remaking this amazing monster movie. Gary Ross is son of Arthur Ross, one of the original writers for CFTBL and writter of Revenge of the Creature (IMDB has it wrong).

I really want this to happen. Not only would it be fitting for Gary to take over his father's reign's, but the guys' a freakin' oscar nominee for cryin' out loud.

However, I will say that as exciting as it sounds, it's still a remake. The two best moments of the film are when the monster swims with Kay, and the underwater fight with Mark. They're just amazing moments on film that are perfect because of their simplicity.

But, we'll see. I hope someone else out there knows a little more and maybe verify this.