After weighing a run for mayor, Boston developer Tom O'Brien has opted not to enter the race.

The founding partner of HYM Investment Group and former planning chief of the Boston Redevelopment Authority, O'Brien released a statement Monday saying he had considered running for mayor because he cares "deeply" about the city.

"After many conversations with people I know, trust and admire, I’ve decided not to pursue a political candidacy at this time," O'Brien said in the statement. "Instead, I will continue my work with The HYM Investment Group and my engagement in Boston’s charitable and civic life."

On March 10, The Boston Globe first reported O'Brien was considering running to challenge incumbent Mayor Michelle Wu. On Friday, Politico first reported that O'Brien was preparing to launch his campaign this week, and the Globe cited four anonymous sources confirming the report.

O'Brien's statement didn't detail why he decided against running after reportedly being close to launching a campaign.

The race now remains between Wu and Josh Kraft, a nonprofit leader and son of Patriots owner Robert Kraft. Kraft launched his run for mayor in February, and Wu is scheduled to kick off her reelection campaign Saturday in the South End.

Since he began his run, Kraft has criticized Wu on several of her policies, including stalled housing development across the city, bike and bus lane installations, and most recently the safety of the city.

Wu has been in the national spotlight in recent weeks, first testifying in front of a congressional committee earlier this month on immigration and then appearing as a guest on The Daily Show last week.