A community-based game studio called Missing Worlds Media is attempting to build and create a spiritual successor to the late superhero massively multiplayer online game City of Heroes through The Phoenix Project.
Comprised of programmers, designers, project managers and fans, The Phoenix Project hopes to recreate the spirit, feel and concepts City of Heroes players were so familiar with. As to how much of a spiritual successor the game is depends on the players; the project's website mentions that there "are some legal constraints" on what the team can build.
Missing Worlds released a brief teaser trailer, which you can view above, outlining the project's mission and early concept art.
Paragon Studios closed its doors in fall of 2012, bringing an unwelcome end to City of Heroes. Fans continued to demonstrate their loyalty to the game throughout its final days.