Is it possible OR NOT possible to create an NEW empty project using a folder as the location which already has existing code?

Is it possible OR NOT possible to create  an NEW empty project using a folder as the location which already has existing, code. Even though I replied to the NO to the question "Would you like to create a project from existing source instead" the New project that gets created adds the code already in the project location folder, and further, the name of the NEW project becomes the name of the project location folder. Is it possible or not  to NAME  a project different from the folder NAME that holds the project

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