MGM has put a musical remake of its 1983 comedy “Valley Girl” into development, with Sean Bailey producing through his Idealogy Inc. banner.

Project’s based on an idea by Bailey and Idealogy’s Matt Smith, who will exec produce. The musical will utilize the “Romeo and Juliet” story of the original “Valley Girl” and sport classic ’80s songs. 

Bailey most recently produced “Gone Baby Gone” for Miramax and is developing a “Tron” sequel, “Sabbatical” and “Hexum and “Liberty” for Disney. He also produced “Project Greenlight,” which aired on HBO and Bravo, and is developing “The Unlimited,” a pilot for ABC Studios.

A week ago, MGM acquired and greenlit “The Cabin in the Woods,” a thriller penned by Joss Whedon and Drew Goddard, with Goddard signed to make his directorial debut and Whedon producing. Other key properties include “The Zookeeper,” a comedy spec from the team of Jay Scherick and David Ronn, with Walt Becker (“Wild Hogs”) attached to direct and produce, and Robert Ludlum’s “The Matarese Circle,” with Relativity aboard to co-finance and Denzel Washington starring.