Tony Hawk's Pro Skater 5 will not be released for PS3 & Xbox 360 until 2016.

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Trooper_D5X
Trooper_D5X was a long-time editor at PlayFront, specializing in gaming news, reviews, and hardware analysis. He authored over 30.000 articles providing in-depth coverage of current topics related to PlayStation...
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Anyone who is still waiting for the last-gen version of 'Tony Hawk's Pro Skater 5' for PlayStation 3 and Xbox 360 after the disaster will now have to be patient a little longer.

Originally planned for release this November, the last-gen version will now be released in 2016, as confirmed by publisher Activision. The reason for this likely lies in the disastrous quality of the PlayStation 4 and Xbox One versions, prompting a cautious approach to improving those aspects first. Activision currently anticipates a release by the end of March 2016, which they believe will be the best outcome for everyone.

However, it would not be surprising if the project were ultimately scrapped entirely, as seen with Mortal Kombat, Mad Max & Co., all of which were scrapped for last-gen hardware at short notice.

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