Interesting. I always assumed that the application was the project. Perhaps it might be helpful if we knew what you were trying to accomplish?
Let's say, in the interim, that you had a project for each application. And a master application to load other apps. Does the new application replace to one that loaded it? If that is the case, you may want to subordinate the other projects to modules.
At any rate, the OP has a good question & I am interested in how this thread develops.