The Oscar-nominee wrote the film, which is described as a "fantasy noir." It centers on a single mother of two, who is swept into a dark underworld while her teenage son discovers a secret road leading to an underwater town.
It marks the directorial debut for Gosling, who is best known for his starring roles in "Half Nelson" and "The Notebook."
The film will start shooting in the spring of 2013.
Marc Platt and Adam Siegel will produce on behalf of Marc Platt Productions, along with the actor's Phantasma Films banner, and Michel Litvak and David Lancaster's Bold Films banner. Sierra/Affinity will handle international sales for the film which will be made available to buyers for the first time at the 2012 Toronto International Film Festival. Principal photography for the film is scheduled to commence in the spring of 2013.
Gosling is represented by IFA Talent Agency and Carolyn Govers. Hendricks is represented by Kritzer Levine Wilkins Griffin Nilon and CAA.