The movie was written and is being directed by Joe Maggio, whose credits include "Virgil Bliss" and "Milk and Honey." Principal photography on it began last week in Chicago.
Farina, a Windy City native, is known for his work in films like "Midnight Run," "Get Shorty" and "Snatch."
"Joe May" co-stars Gary Cole, Chelcie Ross, Ian Barford and Jamie Allman.
Steppenwolf Films said it has joined former New Line Cinema executives Stephanie Striegel and Bill Straus as a producing partner. Tim Evans will executive produce for Steppenwolf, while Bobby Schwartz and Dennis Mastro also serve as executive producers.