Yes indeed. According to Vulture, the "Great Gatsby" director is, like so many filmmakers these day, developing a TV project -- his first, being worked on in conjunction with producer Shawn Ryan ("The Shield") and playwright Stephen Adly Guirgis ("The Motherfucker With the Hat").
The period drama will reportedly be set at the start of the hip-hop era in New York in the late '70s, and while it's not a musical, it will heavily feature musical performances within the context of the story. It will follow five young New Yorkers, focusing on two friends in particular -- one a writer, the other a performer.
Luhrmann signed an overall deal with Sony Pictures Television last year and apparently originated the idea, with Guirgis writing the pilot and all three men producing. Vulture reports that the project's being shopped around to usual edgier suspects like Netflix, FX and Showtime. Luhrmann's explored glittery version of the ballroom dance world, modern day Shakespeare, turn-of-the-century Paris, World War II Australia and 1920s New York, so, hey, why not the grittier era of New York?
Luhrmann's last film was "The Great Gatsby," while Ryan last worked on the high profile pilot for "Beverly Hills Cop" that was never picked up to series.