Zero Trace Operative has released a demo of first person remake di Silent Hill. It's still a concept demo that presents "the initial nightmare" of the game and nothing else. It's also very short, lasts around 3-5 minutes, and there don't seem to be any plans at the moment to turn this demo into a complete game.
Furthermore some changes have been made due to the change of view but Silent Hill fans will find it interesting anyway.
Just below you can take a look at the presentation video or, in case you want to try it, all you have to do is connect to following site and download it. It weighs only 550 MB.