This concept actually has nothing to do with the Versa. They do look similar, though. It's not going to be made (there has been no official word either way, but I don't expect it to see production). It was most likely something of a "styling exercise" from which a lot of cues were carried over to the Versa--this concept appeared before the Versa was ever even mentioned. The resemblance is definitely striking.
This car has been referred to as everything from the next Sentra to the next Silvia and (more recently) a sportier Versa. As far as I know it was never more than a rolling shell...I don't think there was ever a running version.
Apparently this car (the Sport Concept) will be making an appearance alongside another Nissan concept car (truck...) the Infiniti Kuraza. Check it out.
You can also find more pictures of both the Sport and Kuraza concepts at
http://www.conceptnissan.com in the "2000's" category.