As we can read from wikipedia & IGN, Urban Race was a planned video game to be released for Windows and Xbox 360, developed by 10TACLE Studios Belgium. The game focused on allowing players to race each other through city-themed obstacle courses using a variety of parkour and free running techniques, as well as aggressive attacks on other players.
Set in the world of Totems, Urban Race is a fast-paced on-foot racing game where players can use techniques from the sport of Parkour as well as aggressive attacks on other racers to complete a mad dash through ancient ruins.
The debut trailer was released on August 12, 2008. While it was clear that the moves in the game were based on free running movements, some aspects were greatly exaggerated, such as the possible jump distance of the player. The game was apparently cancelled, maybe because they did not find a publisher interested in the project.
Thanks to Sameer for the description!