The CW has ordered a drama pilot called Arrow, a modern retelling of DC's Green Arrow. The project's from Greg Berlanti (Green Lantern, No Ordinary Family, Dirty Sexy Money) and Marc Guggenheim (Green Lantern, Brothers and Sisters, Law & Order) from a script by Guggenheim and Andrew Kreisberg (Warehouse 13, Fringe, The Vampire Diaries).
It's a bummer that Justin Hartley, who played Oliver Queen/The Green Arrow for five seasons on The CW's Smallville, is not attached. Say what you will about Smallville; Hartley made a fantastic Green Arrow, a gorgeous, cocky billionaire who also happened to be honest and vulnerable and wry. It was a great role and there were plenty of rumors at the time of a spin-off, but I can't blame Berlanti and Co. for not wanting to be tied to ten years of convoluted Smallville universe by bringing in the same actor.
In the same Deadline article, it's mentioned that the CW also picked up a pilot from Jennifer Levin (Without A Trace, Felicity, Brothers and Sisters) and Sherri Cooper (Brothers and Sisters, Everwood) that's loosely based on the 1980s CBS Linda Hamilton/Ron Perlman Beauty and The Beast series. Of course, it's a modern day love story with--groan--a procedural twist.