According to ew.com, the film is based on the true story of contract killer Richard Kuklinski (Shannon), who was notorious for freezing his victims. Franco will play Kuklinski's mentor, known as Mr. Softee, and del Toro will play Kuklinski's boss. Shannon, an Academy Award nominee for "Revolutionary Road," is currently appearing in Mistakes Were Made at the Barrow Street Theater and on the HBO series "Boardwalk Empire." Shannon has previously appeared at the Barrow Street Theater in Our Town and Bug.

Franco's screen credits include "127 Hours," "Howl," "Milk" and "Spider-Man." Del Toro, an Academy Award winner for "Traffic," received an additional nomination for "21 Grams" and has also appeared in "Che," "Fear and Loathing in Las Vegas" and "The Usual Suspects."

Vroman and Morgan Land are adapting the film's screenplay from Anthony Bruno's book "The Iceman: The True Story of a Cold-Blooded Killer" and the Jim Thebaut documentary "The Iceman Tapes: Conversations with a Killer."