A 10,000-square-foot lot in Chelsea will be converted into a public park under a plan rolled out by several elected officials Sunday.

The project — on West 20th Street between Sixth and Seventh avenues — will cost about $5.8 million.

“The need is there in terms of open space,” said Councilman Corey Johnson (D-Manhattan), who represents the district.

Chelsea ranks 58th out of 59 in all of the city’s community boards in terms of open space, Johnson added.