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Jonathan Hensleigh, who previously worked with Stevenson on The Punisher, will pen the screenplay and direct.
The Irishman is based on real-life mobster Danny Greene (Stevenson), who ruled Cleveland's criminal underworld in the 1970s. Walken is cast as notorious loan shark Shondor Birns, while Kilmer will play a cop who becomes close friends with Greene.
The film is based on Rick Porrello's bestseller To Kill The Irishman: The War That Crippled The Mafia.
According to Variety, shooting on Code Entertainment's new project begins on May 19 in Detroit.
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