To archive a project site the steps are as follows:
A. In the home page click Site Actions > Create Project Area. Call this new site Archive/Completed Projects.
B. Now that the Project Area is created you will start to move completed projects.
There are two ways to move completed projects. These are:
Navigate to your newly created area and choose New Project Site.
Select “Create from Existing Project Site”.
Choose the site you wish to archive.
You now have a duplicate of the site you wish to archive.
Return to the original site and delete the site using site settings.
The site is now archived.
Note:This step requires using the Site Content and Structure Tool (Publishing Infrastructure). This tool allows you to move sites between different sections of the same site collection. This tool is not available on SharePoint Foundation. Some users find that activating Publishing affects the Quick Launch. If this is the case deactivate the Publishing feature after archiving the site.
To activate the Publishing Infrastructure, do the following:
The Site Content Tool allows you to select different areas within your Site Collection and also to move sites. A second Site Collection is not needed, however you will need a separate projects area. We suggest creating a test project in your Project Area.