As long as they get . . .
. . . the scale right, it might work.
Stallone's effort, even with the budget, failed to get across the fact that a city block was more akin to an archology than a skyscraper.
As has been posted above, the opening statement is wrong, since it is Mega City *ONE* and the Cursed Earth is the wasteland between Mega City One (East Coast) and Mega City Two (West Coast).
Unless they do a good job of the scale, it's difficult to see how they will do much of a job of the rest. Suffice to say, those who grew up with Dredd are most likely to be disappointed, mostly because the character isn't one to empathise with on any level, he just is - something the studios really don't like doing.