Prominent real estate developer Thomas O’Brien said he has changed his mind and no longer plans to run for mayor of Boston.

O’Brien, founding partner and managing director of HYM Investment Group, had been planning to launch a campaign against Mayor Michelle Wu and candidate Josh Kraft this week, a source close to his campaign said last Friday.

“I gave careful consideration to running for mayor of Boston because I care deeply about this city and have always looked for meaningful ways to serve,” O’Brien said in a Monday statement. “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 his “commitment to Boston remains unwavering” and that he looks forward to partnering with “Mayor Wu, her administration and others” to “make our city a more affordable, inclusive and vibrant place to live, work and thrive.”