TV Guide reports that the show will focus on Evans, a hotel boss in '60s Miami who must deal with both threats from the mob and the pressures of family life.
Mitch Glazer, writer of 2003 film thriller The Recruit and producer of Lost In Translation, will serve as executive producer on the project.
In a statement, Starz president Chris Albrecht said: "Mitch has created a world populated with unforgettable characters and with a big, dynamic story. The talented creative team that has come together for Magic City will ensure a show that we think audiences won't want to miss."
Casting on the ten-part series is scheduled to begin soon.
Magic City is currently expected to premiere on Starz in 2012.