Overbrook Films, the actor's production company, developed The City That Sailed and took it to Fox.
Written by Andrew Niccol, the story centers around a street magician in New York who is separated from his young daughter. She moves to London and "finds magic candles that make her wishes come true." This causes the island of Manhattan to separate from the continent and it floats toward England, bringing her dad closer to her.
Currrently, this project has no director attached.
The Men in Black franchise has produced very good box office for Smith and Sony. Men In Black, released in 1997, took in $587.8 million worldwide. Men In Black II earned $441.8 million globally.
Men in Black 3 was released May 25th, 2012 and stars Will Smith, Tommy Lee Jones, Josh Brolin, Jemaine Clement, Emma Thompson, Michael Stuhlbarg, Mike Colter, Nicole Scherzinger. The film is directed by Barry Sonnenfeld.