The company is committed to producing limited Broadway runs of American plays, Daily Variety reported. Maureen Van Zandt, founder of the "With Out Papers" theater company, will be the artistic director of Renegade.
She estimates each production to reach about $1.5 million.
"Our ultimate goal is to film them, so these plays can be preserved and possibly broadcast," she said. "We'll do a short run on Broadway, and the cast will commit to filming it."
Steven Van Zandt is a member of Bruce Springsteen's E Street Band, and was a regular on HBO's "The Sopranos."