I just stumbled upon a project called takedown. They are aiming for something similar to the old swat and rainbow six games but on a modern engine.
The developers consist of people from old studios such as red storm entertainment and monolith but also retired military personnel including a retired ranger.
I'm going to let their website speak for itself on the specifics:
http://www.serellan.com/
And a video with a short presentation of the game:
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