An application to the Heritage Lottery Fund for £3m to restore Pittville Park in Cheltenham has been unsuccessful.
Despite the failure Cheltenham Borough Council will press ahead with plans for a new bridge over the lower lake.
The deadline for people to submit ideas for panels on the bridge has been extended to the end of April.
Councillor Paul Massey said: "The bid has raised expectation for the park and a revised plan will be drafted over the next few months."
Rob Bell, assistant director of operations for the council, said: "Initial feedback from the HLF indicated that while we had submitted a strong bid for what was recognised as an important park this last round of the current programme had been extremely competitive.
"It was acknowledged that Cheltenham's bid was the strongest from the South West region but no bids from this area were successful."