The British star will shoot CBGB in Savannah, Georgia this summer (12) with an all-star cast portraying the likes of The Ramones, Blondie, Television, Talking Heads and Patti Smith - who all headlined at Kristal's fabled Bowery venue, which is now a John Varvatos clothing store.
A film insider tells WENN, "We will be recreating CBGB on a soundstage as the club no longer exists. But it will be an authentic replica of the place."
Kristal's daughter Lisa will serve as a producer on the project, which will tell the story of the New York club through her late father's eyes.
The movie will reteam Rickman with his Bottle Shock and Noble Son director Randall Miller, who is currently shooting a Dennis Wilson biopic with Aaron Eckhart as the late Beach Boys legend.
The director says, "This is a film about a time and a place and the people that came together to make music that was revolutionary and that spoke to its community."
Further casting details will be released in the coming days and weeks.