There's been various attempts to make another Streets of Rage at Sega.
Some ended up completely scrapped on early stages, other became different games during production. (and perhaps we'll get to that in another "deleted scenes" post o' mine another time...)
The latest to date?
A Streets of Rage Reboot from the now defunct-Grin studios, already behind the 3D sidestroller remake Bionic Commando Rearmed at Capcom.
It seems they started working on this revival of the Megadrive classic right after BCR.
So what happened exactly?
Well, one thing really.
Grin shut down, they went bankrupt.
That is why Capcom developed Rearmed 2 at Fatshark.
Anyways, here's some in-game footage:
Source Eurogamers.
^Follow the above link to also get a look at another remake, Stryder, they were working on!