James Franco will star in and produce an indie drama titled The Stare, which also stars Winona Ryder.

The story centers on a troubled playwright (Winona Ryder) who is struggling with her latest production. She starts to have bizarre dreams and visions that she is being watched, and is uncertain if she's losing her mind, or if others are plotting against her. James Franco will portray one of the actors in her new play.

Jay Anania will direct from his own screenplay. Jay Anania is the head of the directing program at NYU's graduate film school, and one of James Franco's teachers. The project will help launch the new company Waterstone Entertainment from Jeff Kalligheri and real estate maven Steve Bowen.

James Franco will produce The Stare along with Vince Jolivette. Production is scheduled to start on May 6 in New York.