The Portland Tribune is reporting that the Hand2Mouth theater company in Portland is putting on a stage production called Time, a Fair Hustler. Gus Van Sant has given his full permission for the project. The production is a present-day perspective and looks at what became of buddies Mike Waters (played by the late River Phoenix in the movie) and Scott Favor (Keanu Reeves).
In addition to talking about the new production, the piece also contains some nice insight into the original film.