Speaking to 4Gamer (via Siliconera), Square Enix’s Nomura Tetsuya revealed the reasons why. According to Tetsuya, apparently the remake has been on their minds for years now. The company had planned for it on and off but it never really happened until recently they decided to just go for it.
Part of the reason was due to the fact that consoles like the Sony PlayStation 4 had more time to grow since its launch, and also because Square Enix had started to amass more titles for the platform. “Also, as we’ve seen, Square Enix now has more PlayStation 4 titles, so we felt that we could increase the console’s popularity, and make an announcement before those games release.”
Nomura cites age as being another reason as to why they decided to push forward with it now. “Of all the staff that worked on the original Final Fantasy VII, and those who are working on the remake, I’m the youngest one,” Nomura explains. “I’m 45 years old now. If we continued on without doing a remake, [Yoshinori] Kitase and [Kazushige] Nojima are well older than me… so, yeah.”
As it stands there is no release date for the Final Fantasy VII remake. What we do know so far is that it won’t be 100% the same game and for now, it seems that it has only been announced for the PlayStation 4 platform.