Is the CW developing a Live-Action YOUNG JUSTICE TV series?

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In what seemed like news that flew beneath the radar, a few months ago Bleeding Cool reported that the CW is planning to bring another Superhero show to their network, this time it being more geared towards the drama and romance angle that their network is known for:

“the CW is developing another live action teen drama/romance series with a superhero twist, based on the Young Justice cartoon, games and comics, being prepped for 2015.”

However, since that initial report there has been no news or even rumors regarding this shows development which begs the question of its validity.

But if this rumor was true, and it simply flew beneath the radar then it would once again reinforce the sheer growing dominance that DC has on TV right now. Its also likely that the CW is testing the waters first with The Flash and its reception before green-lighting another DC TV show.