The film is inspired by author Greg Neri's novel Ghetto Cowboy and the Fletcher Street Urban Riding Club, a horse riding community based in Philadelphia.
McLaughlin will portray Cole, a 15-year-old who starts to live with his estranged father Harp (Elba) in Philadelphia where he is introduced to the city's urban cowboy subculture.
Jharrel Jerome of When They See Us fame, Lorraine Toussaint (The Village) and Byron Bowers (The Chi) also star.
Staub is directing from a script he co-wrote with Dan Walser. Concrete Cowboys is Staub's directorial debut after helming short film The Cage.
Elba is producing alongside Lee Daniels, Walser Tucker Tooley, Jeff Waxman, and Jennifer Madeloff. Production is already underway.
Elba can be seen in the recently released Fast & Furious spinoff Hobbs & Shaw alongside Dwayne Johnson and Jason Statham. He is also set to star in the upcoming film adaptation of Cats, which arrives in theaters on Dec. 20.
McLaughlin recently appeared in the third season of Netflix's Stranger Things.