The project has been in the works for a while. About a year ago it seems several YouTube videos were released covering it. Here is one by T0nik. I was pleasantly surprised to see it is being worked on.
If you are interested in this kind of thing you might also be interested in Project Arroyo. It's a remake of Fallout 2 in Fallout 4's engine. There's also the older project The Chosen's Way, it is also trying to remake Fallout 2, but in Fallout New Vegas' engine. As far as I can tell that one has been abandoned for years now.
Pretty much every Fallout game (and Van Buren) has some kind of remake or port project if you want to go really down the rabbit hole but a lot of them lose momentum after a while.