The 127 Hours star had planned to stage Collage, which is about Franco producing play, at Yale University, where he's pursuing a doctorate in English, but he was forced to scrap his plans due to school restrictions.
And now he's taking the show to his alma mater, New York University, where he's currently studying filmmaking.
He tells the New York Daily News, "Yale puts on a lot of undergraduate play productions, and they have a lot of rules. Students only get the theatre for one weekend. I had highly skilled technical people come in from Boston (Massachusetts), but the school (still) wouldn't let me (extend the run).
"We actually got pretty far down the road. (But) it really became a hassle to work in the space. I was facing resistance all along... wondering why we had to let the Yale production go, when other schools would be really grateful."
The play, which Franco narrates, opens on Sunday (08May11) for a two-week run.