Ponte Tower is loosely based on the book by German novelist Norman Ohler, which Michael Thomas is adpating.
The film-makers plan to shoot the film entirely within the South Africa 's Ponte City. Johannesburg's infamous 54-story apartment building is known for its large Coca-Cola advertisement as well as its high suicide rate.
Gina Carter (Bright Young Things, Snow Cake) is producing with Frank Kunster (Let It Rock).
The project is in the first stage of development now with Lottery funding from the UK Film Council's Development Fund. So far, the fund has given the team $42,270 (£21,555).
Boyle's most recent film, futuristic thriller Sunshine, will be released by Fox Searchlight in the UK on April 5. Andrew Macdonald produced Sunshine for Fox's UK-based partner DNA Films.