James Vanderbilt will be working from the four part book series by author David Peace, which follow a series of murders that took place in London between 1974 and 1983. The books were turned into a trio of British TV movies, which were released theatrically in the states in 2010: Red Riding: 1974, Red Riding: 1980, and Red Riding: 1983.
There isn't a set start date for Red Riding just yet. Ridley Scott is currently in the midst of shooting his Alien spin-off/prequel Prometheus, which will arrive in theaters June 8th, 2012. Red Riding may not make its theatrical debut until at least 2014.