Entitled It's a Wonderful Life: The Rest of the Story, the film will focus on George Bailey's grandson as he undergoes his own holiday epiphany when an angel (Karolyn Grimes, who played Bailey's daughter Zuzu in the Frank Capra film) comes to show him the world if he had never been born.
"The story line of the new film retains the spirit of the original — every life is important as long as you have friends," Bob Farnsworth, who co-wrote the screenplay with Martha Bolton, said.
"The new film will retain the feeling of the original, and it simply must be shared," Grimes said. "I've probably read close to 20 scripts over the years suggesting a sequel to It's a Wonderful Life, but none of them were any good. The script by Bob Farnsworth and Martha Bolton was wonderful, and I wanted to be involved with his version of the film immediately."
The role of Bailey's grandson will not be cast until February. However, discussions have already began with original cast members Jimmy Hawkins (Tommy Bailey) and Carol Coombs (Janie Bailey) to reprise their roles.
The sequel is aiming for a 2015 holiday release.