Shared Objects/Functions in one repository for numerous projects in selenium

Hi im wondering if you could help me with an issue i might be having in selnium with java (using intellij).

I am currently using one project to test my website. However my company is starting a new website soon. They will be reusing a lot of the objects and functionality from the original site aswell as new functionality.

Is it possible to to store all these shared objects in a separate project and only have to update them once for both projects or should i just use my original project and just add this new site as a separate folder (for some reason this seems strange with so many things in one project)