It could work but studios are probably wondering how to cast. They need to make money and selling a show about the Latino community in Washington Heights is not the biggest sell in the world to mainstream audiences.
Well, they have a director set, so it seems like they should start casting soon, but this means practically nothing if you think about the Footloose remake they were supposed to make that seems like it won't go through. I think I read on another thread here something about how now that it seems they have reached their peak in ticket sales they are going through on the movie, like what Mamma Mia did, but I can't remember the exact words. I think it will happen, but I would bet on at least a 2011 release date. We have to remember that for a good quality film probably cant be made and released in less than a year. Plus, there is a lot of extra rehearsal time needed for musical numbers, and for the actors to record the songs, and what not. I think it's very unlikely to have a 2010 release.
AwesomeDanny, I had mentioned something like that. Only because looking at Wikipedia's comments on the Wicked movie, it said that the Wicked movie will not begin production until their ticket sales have peaked, which is exactly what Mamma Mia did. It made a movie when they peaked and it pumped some more years into that show. I only assumed this was a smart idea for all stage to scree adaptations. It makes sense to make the movie when the ticket sales peaked and looking at the grosses, In The Heights already hit its peak.
Yeah, I agree it's pretty clear it's reached its peak because, even without knowing their nut, they switched to black and white playbills after over a year of being able to print color ones. Now, I know that many hit shows (like Billy Elliot) use black and white, but this shows that now is the time for a movie adaptation.