It's sad and true that most people outside of NY don't know where "the Heights" are, much less want to be "in" them with "a bunch of no-name Latin actors," as you put it.
For a small independent film, I could see this working. It would definitely have a solid niche audience. Hopefully, it can still find financing going that route.
Why doesn't Spike Lee direct it? He'd be great and could probably do it on a shoestring. Or is that too controversial a choice? He's still a pretty high profile director.
Regardless, I can't see "Heights" getting very far down the pipeline as a big-budget, studio-backed musical. It's not commercial enough. If they could attach one "box office name" to it (and I mean a big one), they would have a chance ... like Johnny Depp in "Sweeney Todd." Or Madonna in "Evita." Or Meryl Streep in "Mamma Mia!" Or John Travolta in "Hairspray." Or Jamie Foxx and Beyonce in "Dreamgirls." But without that name, there's no mainstream movie.
"Jaws is the Citizen Kane of movies."
blocked: logan2, Diamonds3, Hamilton22