Isaac Rentz will direct the indie film, about a failed star turned stage manager (Grace) who must wrangle the cast and crew of a new production to save the show's opening night.
Gerry De Leon and Greg Lisi penned the screenplay, and Grace is also producing alongside Daniel Posada and Jason Tamasco for Mexico-based Dark Factory Entertainment with Alex Garcia of AG Studio.
Diggs, who has been seen on Broadway in Wicked, Rent, Chicago and Carousel, will play Malcolm, a flamboyant member of the production.
Filming is set to begin next month in Mexico City.