I don't have anything definate; just a page on Brickset showing that the City Corner set may be re-released this year with a new number. I'm not sure why Lego would have two rather similiar sets beside one another with the Town Square coming out later for $119.99. Maybe they think the sales of one could help stimulate the other?

 

I like the 60031 set more than the 7641 City Corner, primarily because it has a much more modern look to it, that makes it a bit more attractive IMO. Also, tying it to that baseplates discussion, there is NO exposed baseplate in the newer version. The 7641 model on the other hand has an area around the bike shop and Pizza place with baseplates sticking out.

After looking at the 60031 twice, the set does look more modernized. Going on with the baseplates, it seems like TLG is trying to minimize the use of baseplates in their sets. Only use it for the building structure and nothing else.

I like the 60031 set more than the 7641 City Corner, primarily because it has a much more modern look to it, that makes it a bit more attractive IMO. Also, tying it to that baseplates discussion, there is NO exposed baseplate in the newer version. The 7641 model on the other hand has an area around the bike shop and Pizza place with baseplates sticking out.

Ha, ha, you noticed the lack of baseplates, too? It isn't so bad as the whole plate piece used for each store has been used brilliantly, the two story bike store is nicely flashy, and the City Pizza looks good too. I still like the classic look of the City Corner pizzeria but I must say the latest Town Square has everything right going for it. The construction crane and street sweeper are a couple of nice touches in my opinion as well.

On the side subject of baseplates, I mostly look for 16 x 32 and 32 x 32 baseplates in dark gray. Maybe green sometimes. Anything smaller isn't very useful.

I like the newer version better.  With the tiled sidewalk, it has the feel of a modular.  It would have been nice, though, if they had given it a back wall and removable floors.