Eclipse really wants to create a project directory to hold its metadata. However, there’s nothing that stops you from having a folder “within” a project but located outside of it.
File -> New Project
then
File -> New Folder, click “Advanced” and select “Link to folder in the file system”.
I’d suggest you avoid linking folders that exist as subdirectories of your workspace directory. Linking something that’s a subdirectory of a workspace directory will lead to a world of pain and resources being out of sync.
That is, create a project MyProject in /workspace/MyProject, but make sure foo-0.x.0 is in ~/foo or somewhere else not under /workspace.
However, if the folder is shared (from the server), it has to locate one level up, or else the “import” will fail.
rikstechblog 