This is real. Holy Shit! :O
Grin Barcelona set upon a remake of Streets of Rage, to be published by Sega. It was intended to be similar to Grin’s own Bionic Commando Rearmed, and released as a download-only title. Work on this game didn’t last long, however. Only a handful of screenshots and art, below, were unearthed, but apparently a build of the game exists somewhere.
CHECK. IT. OUT.
Expect to see this info added to Streets of Rage dot net with the next update