Carrie Anne Moss and Emily Watson star on the project, which is set to begin shooting in March in Austin, Texas. Julia Roberts and Ryan Reynolds in negotiations to come aboard.
Lee's semi-autobiographical story explores the complexities of love and commitment in a family torn apart when faced by an unexpected tragedy.
Senator's Marco Weber will produce with the company's head of production Vanessa Coifman and Sukee Chew. Jere Hausfater and Milton Liu will serve as executive producers on the project.
'Dennis wrote a gripping and entertaining story that encompasses the true meaning of family,' Weber said. 'This ensemble of actors is a testament to the strength of the material, and we are extremely fortunate to bring all of these people together.'
CAA is representing North American rights and Hausfater's Essential Entertainment will handle international sales excluding Germany, where Senator will distribute.
Senator is currently in pre-production on the Brett Easton Ellis' adaptation The Informers.