There is no specific "archive project" until you get to a much more recent version of Jira and it also needs to be Data Centre, not Server.
However, you can get close with a simple configuration. Create a new "permission scheme" called something like "archived projects", and set it up so that it allows only "Browse project" to the people who should be able to see archived projects (this could be everyone, just your admins, or a mix of people - I can't tell you exactly, depends on your business need for archiving). Apply that to the projects you want to archive, and you're done. They'll be read-only, searchable to those who may need them, and invisible to the rest.
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