I am working on an existing project where I need to implement Git version control. The challenge is deciding whether to use a monorepo or multirepo strategy. Here is the current folder structure, which must remain unchanged:

/pipeline
  /project1
  /project2
  /project3
  /etc.
  /sharedcode1
  /sharedcode2
  /etc.

Details:

Each project typically has its own developer or, at most, a small team of up to three developers.
The projects are mostly independent of each other, with the exception of the /sharedcode directories, which are utilized across multiple projects.
Considerations:

I am leaning against using a monorepo because the projects and development teams are mostly independent.
My main concern with using a multirepo approach and Git submodules is the handling of submodules located outside the main project directory. For example, if I want /project1 to include /sharedcode1 and /sharedcode2 as submodules, these shared code directories are located outside of /project1.

When a developer clones /project1 into their local development environment, I want them to automatically get all the necessary submodules, resulting in a structure like this:
bash

/local_dev_environment
  /project1
  /sharedcode1
  /sharedcode2

Questions:

1. Is it feasible to manage submodules located outside the main project directory using Git?
2. What are the best practices for handling shared code across multiple independent projects in this context?
3. Are there alternative approaches or tools that I should consider to achieve efficient version control and code sharing?

Any suggestions or insights would be greatly appreciated. Thank you in advance!