As some have mentioned, they were planning on making a Garry's Mod 2 on Source Engine 2. SE2 has been out for a few years, but has been private mainly to Dota 2. So, they've given up waiting for it and went to Unreal Engine 4, to create a game called S&Box (Sandbox), which is basically "Garry's Mod 2" and what I'm hearing is they're planning on releasing it this year, hopefully.