Elijah Bynum, who wrote the script, will make his directorial debut with the Imperative Entertainment project, said The Hollywood Reporter.
The trio join previously announced stars Maika Monroe, Timothee Chalamet and Alex Roe.
"Hot Summer Nights", set in 1991, follows a teen boy who befriends the town rebel. He falls in love and gets entangled in a drug ring - all over the course of one summer in the Cape.
Imperative's Bradley Thomas and Dan Friedkin will produce the film, and Peter Farrelly and Casey Mott will executive produce. The film is currently shooting in Atlanta.
Mitchell, 22, plays Callie Jacob on ABC Family's "The Fosters".
Cohen, 25, has a slew of projects coming up including "Brooklyn" with Saoirse Ronan and "Vincent-N-Roxxy".
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