The Projects are still alive, and one's getting a very special treatment.
http://www.nintendoworldreport.com/news/40482/new-details-about-star-fox-zero-and-project-guard
Platinum will have a project on the go with Nintendo following Star Fox Zero's release.
Following Eurogamer's E3 demo of Star Fox Zero, a Q&A with Shigeru Miyamoto and Bayonetta 2/Star Fox Zero director Yusuke Hashimoto revealed that Platinum is working to turn 2014 E3 demo Project Guard into a full game. No additional details were mentioned about the game.
When asked about the support from Hideki Kamiya, a noted Star Fox fan: "The only input from Mr Kamiya is, do your best!". Hashimoto is the main director for the game and is aiming to bring Bayonetta 2-caliber action sequences to the game.