The Meet the Parents actor has sold the new show, called Please Knock, through his production company Red Hour Films.
According to The Hollywood Reporter, the comedy will focus on an A-list actor named Mitch Fuller who, in an effort to spend more time with his family, moves back to the New York apartment complex where he grew up.
Loosely based on Stiller's life, the comedy will be written by The Station scribe Kevin Napier.
The project is part of a development deal that Red Hour Films signed with ABC Studios in November.
It is one of several projects Stiller has in the works, including the comedy All Talk in the works at HBO.