The Like Crazy actress is attached to star in the ensemble movie to be directed by Nancy Meyers (The Holiday, What Women Want).
The Chelsea will be written by Meyers's daughter Hallie Meyers-Shyer, who has also written the screenplay for upcoming Uma Thurman project Eloise in Paris.
The film will be led by an ensemble cast, and is set in the Chelsea Apartments complex in New York City, reports Deadline.
Felicity Jones was named the face of Dolce and Gabbana's latest cosmetics line last year.
The actress won the 'Best Female Newcomer' at the Jameson Empire Awards for her role in Like Crazy last month.
Watch Felicity Jones in the trailer for Like Crazy below: