The trio announced the first project under their banner, "Beautiful Ohio," will star William Hurt, the Hollywood Reporter said.
The film will be Lowe's first time directing and is scheduled to start shooting in New York next month, the Reporter said.
Novelist Ethan Canin adapted the script from his short story "Batorsag & Szerelem" about an American family grappling with the chaotic social changes of 1973.
Notable deaths of 2014 [PHOTOS]
Polly Bergen, Emmy Award-winning actress, dies