What's the best approach?
1- Create multiple projects:
2- Create a single project:
I'd suggest you take a look at Spring's Project Sagan. It's the source code for their current website (http://spring.io). While they used a multi-module approach, it wasn't divided as you are suggesting. They really just pulled out some client work and kept the rest in a single module.
This site was written by the Spring team the way they would use their own tools and released as a reference application to answer questions just like this. I encourage you to take a look here: https://github.com/spring-io/sagan.
NOTE:
The spring.io website is not using the sagan application in production anymore. This repository is now archived.