We’re always encouraged when we learn that sci-fi/fantasy properties are being developed for TV, but this has us a little worried. ABC is reportedly putting a modern-setting Beauty and the Beast into development for next season. Why are we worried? Well, Once Upon a Time hasn’t even premiered yet; will there be room for two modern-setting fairy tales at the alphabet channel? Of course WE know there is; we just hope ABC agrees.

Here’s what Deadline reported recently:

Written by Jericho co-creator Jonathan E. Steinberg, the drama project is described as an epic fantasy re-imagining of the classic Beauty and the Beast tale. And just like most fairytale characters in Once Upon a Time, including Snow White and Prince Charming, those in Beauty and the Beast happen to have headlined a popular Disney movie. Steinberg is executive producing Beauty and the Beast with Mojo Films’ Gary Fleder and Mary Beth Basile for ABC Studios. Steinberg has experience with TV series adaptations. He most recently developed Fox’s drama Human Target based on the comic book.

Jericho’s writer and Human Target’s producer? Excellent credentials. And that fits in nicely with Lost alums Adam Horowitz and Eddy Kitsis who’ve been writing and exec producing Once Upon a Time. Who knows what Jericho and Human Target alums will do with the “epic fantasy re-imagining” with a modern setting, but we’d like to find out. Well, done, ABC, we heartily approve. Bring forth this new fairy tale retelling, and be quick about it!