Production Package - basic story idea

In terms of the story of our piece, which has the Working Title "Call of Cthulhu" (the same name as Lovecraft's original) we wanted to loosely base it on the original story, however set in modern times.
According to research, Cthluhu was originally a god that ruled the Earth after coming from another realm, however, he was eventually put to sleep in an ancient city called R'lyeh, which sunk to the bottom of the Pacific Ocean. In the original story, an Earthquake brings R'lyeh up from the bottom of the ocean, where Cthulhu then telepathically communicates with unstable and mentally I'll people, in order to attempt to perform a ritual to wake him up.
We wanted to go with the same sort of premise, but with our own, modern twist. Cthulhu is said to be as tall as a mountain, thus we thought if he arose from the Pacific and attacked a city along the west coast of the USA, the obvious one would be LA, however we felt it should be situated in New York, especially considering the monsters size. LA would be too easy for him to destroy. Being set in New York, it has a direct correlation with other monster movies, and sets a better atmosphere due to the amount of skyscrapers. This lead us to decide Cthulhus size. Being as large as a mountain we thought may be too big.
Looking at the Empire State Building, it sits at 381m high, or 1250foot tall. We didn't want him larger than the tallest building in NY, so we have decided to have our Cthulhu standing at around 8-900 foot tall. Being in New York as well, would require him rising from the Atlantic Ocean, not the Pacific, thus we have had to change that as well.
As for the city of R'lyeh, we wanted to include another myth which more people have heard about, and that is the Lost City of Atlantis. Many believe Atlantis to sit at the bottom of the Bermuda Triangle, which is just off the East Coast of America. We figured we could have the characters realise a correlation from where Cthulhu rose from, and the amount of mysterious disappearances in the Bermuda Triangle. Thus, we are going for this as a basic storyline on Cthluhu's side of things (main characters and protagonists storyline have not been determined yet)
Cthluhu once ruled the Earth, as in the original story. When put to sleep however, he was lured to and lulled to sleep in the great city of Atlantis, forcing it to sit at the bottom of the Atlantic Ocean, along with Cthulhu. It was Cthulhus presence and dark energy which caused the Bermuda Triangle rumours, with a sleeping Cthulhu using his god like powers to destroy any plane or ship that disturbed him, perhaps in an attempt to be noticed so he could be woke on up again. An earthquake at the start of our film, will cause part of the lost city to rise, along with Cthulhu. This will then help him to communicate with the unstable and mentally Ill, as he is closer to the surface, and he gets them to form a cult, that wake him up.
The finer details still need to be worked out, and more research will go into the process of waking Cthulhu up and how he was put to sleep in the first place etc, but this is the basic story that we have come up with so far.