You can use: /var/www/myproject in fact you can use any directory you want (but for convention is /var/www), the only thing you need to care about is to point your Document Root to /var/www/myproject/public.
If you plan to create many projects inside /var/www is better to start using VirtualHosts for each project, that way you can define the Document Root for each project.
I hope this helps.
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