Sadly not. But it is, in a way, a third iteration of Half-Life 2. This seems to be the season for lovingly, painstakingly crafted fan enhacnementings. This time, as you can see, half-Life 2 is getting a revamp. Again. The aim is to bring the 2004 classic into the most current Alien Swarm assets, as well as adding a number of other things (full list below) which include new character models (ie enemies) and the return of some H.E.V sounds from the first game. This is a monumental undertaking, and you could be forgiven for wondering why, precisely, we need yet another Half-Life 2 texture enhancement update type...thing. And the answer is...it's freaking Half-Life! If Gaben won't count to three, we'll have to make do with half-Life 2. So, let's add to it. And that's pretty much what's going on. If anyone wants more information you can see the list of intended changes below, find the forum link here and browse through these lovely pictures. Including the one that makes Barney look like some kind of Latino gay porn star.

Intended Changes:
Port HL2 to the more updated Alien Swarm engine.
Redo every texture in the game to be high quality.
Add more details to the maps, such as more props, 3D windows in the city, and smoothing out rough edges, like arches.
Put in more secret areas.
Add high quality models for at least the main characters and enemies (if not all characters and enemies).
Add new enemies, such as Bullsquids and Houndeyes. (These will only be in select areas, or new optional areas in the game).
Revamping the sprites and effects.
Improving enemy AI (already done thanks to the engine port!).
New high quality versions of low quality sounds.
Adding in more H.E.V. suit sounds like in HL1. Eg: if you got hit in HL1 it would say "Minor lacerations detected, morphine administered", where as in HL2 it won't say anything.
Dynamic shadows.
Parallax Occlusion Mapping, Subsurface Scattering, and a special clothing shader- thanks to 1/4 Life and GearDev from the mod 'City 17: Episode 1'.