The paper said opening night is scheduled for May 8, with the run scheduled to end on June 12.
"Captain Louie" -- with a book by Anthony Stein, based on Ezra Jack Keats' picture book "The Trip" -- is described as the story of a lonely boy who leaves his new neighborhood on Halloween, traveling on the wings of his red toy plane to visit his old friends.
In addition to the current Tony-winning hit "Wicked," Schwartz's Broadway credits include music and lyrics for "Pippin" and "Godspell."
Schwartz and composer Alan Menken won Oscars for the score and the original song "Colors of the Wind" from the Disney animated feature "Pocahontas."
Schwartz won a third Oscar for his original song "When You Believe" from the DreamWorks animated feature "The Prince of Egypt," and he was nominated for an Oscar with collaborator Hans Zimmer for the score for that movie.