The Federal Reserve Bank of Minneapolis has abandoned plans to build an 800-space parking ramp along the Mississippi River after the city’s planning commission rejected the project earlier this month.

The bank announced its decision in a statement Wednesday morning.

“We are committed to continuing to be good neighbors, and we understand there is insufficient support for our current proposal,” Minneapolis Federal Reserve President Neel Kashkari said in the statement. “We will use the next couple months to review our options to meet the needs of our 1,200 staff and numerous visitors.”

The bank proposed building the five-story ramp earlier this year next to its headquarters, located at the foot of the Hennepin Avenue bridge in downtown Minneapolis. Bank officials said parking for its employees had dramatically decreased since it moved to its current location more than 20 years ago.

A group of North Loop neighbors formally opposed the ramp, arguing it went against the city’s sustainability goals.

City officials recommended the planning commission deny site plans for the ramp, and on July 8, commissioners rejected the ramp on a 5-4 vote.

The Mississippi River front was the last place “we need to build a parking ramp and invest in a dying way of getting around in the city,” said Commissioner Jono Cowgill, also a Park Board commissioner and one of the most vocal voices against the project.

After the vote, Federal Reserve officials had said they would continue to make the push for the ramp with the City Council.

The Federal Reserve Bank is one of the largest employers in downtown Minneapolis, employing 1,135 people in 2018, according to the Minneapolis Downtown Council.

Staff writers David Chanen and Zoë Jackson contributed to this report.

Miguel Otárola • 612-673-4753