Final Fantasy VII: Time Guardian
Final Fantasy VII: Time Guardian was designed as an open-world sequel project to the original Final Fantasy VII.
More info will be announced at homepage
Working on original PS1 hardware it takes the original world of FF7 and adds a fully fuctional day and night system, shops that open and close, crafting of weapons/armor/materia, resource mining, house ownership, repeatable quests, character zapping/teams and a faction/karma system.
It also was going to extend the story of FFVII by bringing back lost game files and backgrounds, reviving quests such as the Kalm/Gongaga letter, making better use of backgrounds and using concept ideas from the Final Fantasy VII Ultimania.