"One Shot," which Grace will also executive produce, will follow a failed Broadway star who now works as a stage manager and is attempting to reunite with his ex-girlfriend, who stars in his new show.
The film, which will feature both fantasy and real musical numbers, will be directed by Isaac Lentz. Greg Kinnear ("The Kennedys," "Little Miss Sunshine") will make a cameo appearance.
Dark Factory will produce the film.
Grace's acting credits have ranged from romantic comedies like "Win a Date with Tad Hamilton!" and "Valentine's Day" to the action films "Spider-Man 3" and "Predators." He recently appeared in the thriller "The Calling."
