Organisers behind Sherwood's failed Lottery bid have said they will move forward with parts of the project.
Plans for the visitor centre will have to be scaled down
Sustrans: Connect2, a UK-wide project to create new cycling and walking routes, won a public vote for £50m.
But the Living Legends team said the £1m campaign had raised the forest's profile and much of the project would go ahead, though on a reduced scale.
The current visitor centre will still be replaced but proposed tree planting will be reduced by a third.
The original plan looked to build a large visitor centre in the shape of a tree, plant 300 hectares of new oak woodland and renew paths in the area.
The bid was supported by £500,000 from the lottery with the rest coming from local authorities.
Austin Brady, chairman of the Sherwood bid, said: "The very hard work that has gone into the bid from the 15 organisations involved - we can still use that.
"We can take that forward into new funding opportunities and it really is effort in the bank that has not been wasted.
"But I think we have missed that once-in-a-lifetime opportunity to have that incredible visitor centre complex so I don't think we shall see the like of that opportunity again.
"However we will still be working together to secure the future for Sherwood."