The project is being overseen by the Original Venice Crew, made up of former Shelby America employees Peter Brock, Jim Marietta and Ted Sutton.
The trio say they plan to produce 36 units starting this fall. They'll be based on the standard 4.7-liter, 289 cubic-inch V8 engine sourced from the Carroll Shelby Engine Co. and a four-speed transmission, plus fully reconditioned bodies. But they'll include experimental upgrades designed by Brock but left out of the original production models due to time constraints.
Those include a new front valance, Plexiglas rear windows and three-quarter windows, and an independent rear suspension designed by Ford.
"The revised shape of the window improves the car's interior aerodynamics by promoting better airflow for driver comfort, Brock said in a statement, according to Road & Track. "The new front valance has a much closer identity with the original Mustang front-end while increasing the efficiency of airflow to cool the engine."
"While these changes may look subtle, they combine with the new suspension to dramatically change the character of the car."
Starting price is set at a cool $250,000.
Meanwhile, Ford announced in April that the modern-day editions of the Shelby GT350 and GT350R Mustangs will get another year of production as 2018 models in three new colors.