Projects can also be created on the Stories page. Navigate down to Projects in the sidebar and select Add New Project.
Either method will open the new Project dialogue:
Once in the dialogue, you must add a Project title in order to save. We also recommend that you add a description so your teammates know who should be working on that Project.
By default, the Project will be created in the Team you're currently viewing, but you can change the Project's Team by clicking on the Team field. Likewise, you can designate a color for your new Team by clicking on the Color field.
Once complete, click Create Project. You'll be taken to the Projects page where your new Project will appear.