iZombie creator Rob Thomas is behind the reinvention of the 1987 film, according to the report at Deadline. The idea is that the show will have a seven-season, anthology-style run, telling a story spanning 70 years, each season chronicling a decade. Season 1 will be set in San Francisco during the Summer of Love, 1967. Each season, only the vampires, the Lost Boys, who like the Peter Pan characters never grow up, remain the same with everything else (location, human characters) changing.
The CW are presumably hoping that this will fill the gap when The Vampire Diaries comes to an end this season.