Grand Theft Auto 5 takes place in Los Santos, which is a reimagining of Los Angeles County and its outskirts. Like GTA: San Andreas before it, much of the action that happens in the game has real life analogues, and a big part of the original GTA: SA was Grove Street, analogous to Compton, California.
The developers at Rockstar Games have shown very little to suggest that Grove Street would be present in the upcoming GTA 5, but a single scene from a recent trailer suggests that it is very much the case.
As can be seen in the image comparison below, there are some differences in the houses but they look like the same set of buildings, for the most part.
At this point, it's unknown whether CJ and his pals still reside in the area, or whether we'll run into the same gangs of GTA:SA. Still, it'd be pretty cool if they did that.