There aren't many details being released yet but Variety reports that the studio is aiming to start production in February for a Halloween release. Arrow in the Head reported that the reboot is a "Twilight/Gossip Girl wannabe with some Lost Boys thrown in for good measure." That doesn't sound too promising. Horror Squad's Peter Hall talks more about the plot development over here.
In the 1981 film, Dee Wallace plays Karen White, a news reporter that is being stalked by a serial killer who turns out to be a werewolf. An investigation into the killer's background leads her to a colony of strange characters who have deadly intentions. Part of what makes the original so great (I'm just going to ignore the terrible sequels for now) is that it's actually a really dark film that has a nice balance of humor and gore. The effects aren't top notch but they really work and Dante's quirky humor saves the film from being written off as schlock. He also establishes a great sense of atmosphere; most of what I remember about the film is the gritty feel to the porn shop, the eerie colony and the dusty bookstore. I suppose this remake will spawn a new series of films but is Joe Nimziki the right person for the job considering the rumors on where he's heading with it?