I think it's likely that it will be a "yes" this time.
The original site was planned by a large franchisee who, 1-questioned the financial feasibility of it after purchasing the land and 2-Either the franchisee or spouse (I don't remember which) became very ill after the land purchase and they decided not to build.
This franchisee also owned or continues to own locations in the Houston area and a great deal of, if not all of Texas. The local franchise rights were sold either entirely to an investment group or partially to the group and partially to the "Company" (Hooters of America) - that part is a little unclear now, as I researched it back when the property went up for sale.
The new effort to put in a Hooters is backed by Hooters of America (again, "The Company) All of the other rumors about why it didn't open are just that. Rumors.
*eta: It was the wife, Judy Hall, who passed away of pancreatic cancer in 2011.