If you want to remove a project from your list of projects on a team, but without deleting it, you may archive it.

To archive a project simply open it, and click on the project options icon, then select the option Archive Project.

You can also click on the team name next to the @ symbol on the left menu, go to the tab Projects, and under Active look for the project you want to archive, click on the options icon and select Archive Project.

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