This is the closest thing to another Jurassic Park, created and executive produced by Steven Spielberg. It's Jurassic Park meets Aliens meets Back to the Future meets Lost in Space. Terra Nova not only involves my favorite animals of all time, dinosaurs but here's the official synopsis:

"The series centers on the Shannon family as they join the tenth pilgrimage of settlers to TERRA NOVA, the first colony of humans in this second chance for civilization. JIM SHANNON (O’Mara), a devoted father with a checkered past, guides his family – wife ELISABETH and children JOSH and MADDY – through this new land of limitless beauty, mystery and terror. In addition to blue skies, rolling rivers and lush vegetation, TERRA NOVA offers new opportunities and fresh beginnings to its recent arrivals, but the Shannons have brought with them a famial secret that may threaten their citizenship in this utopia. These adventurers soon discover that this healthy, vibrant world is not as idyllic as it initially appears. The areas surrounding TERRA NOVA are filled with dangerous dinosaurs and other prehistoric threats, as well as external forces that may be intent on destroying this new world before it begins."

Production will be shooting in Australia soon, scheduled for a May 2011 preview and fall 2011 broadcast commitment. ILM will be doing the special effects, it has a pretty big budget of nearly $20 million. $10 million spent on CGI effects alone.
YouTube - IGN Interview: Stephen Lang on Terra Nova
EW reports that casting is almost complete ('Terra Nova' casting is almost complete; production begins next month in Australia | EW.com)

Source: Spielberg Taps 'Degrassi' Star Liboiron for Fox's 'Terra Nova' | TheWrap.com