A wonderful group project for college students is to create a mural on campus that gives talented artists a way to show off their skills and help beautify the campus. The mural can be permanent, or a temporary display meant to help showcase another event such as a school carnival or spirit week. Your mural can incorporate your college mascot, famous alumni or important events in the college's history.
Consider partnering with a humanities or social science class to tackle societal or environmental issues. Students from the non-art course can help develop a premise that the art students can then turn into a unique work of art.
Another art project can give students a chance to create art that helps their community by raising money for a charity or some other entity that needs funds, such as a after school program or a program that helps improve the quality of life for seniors. Beyond teaching students art skills, this type of project can instill in your students the importance of community involvement and good citizenship, since a college is normally a member of a larger community. After the project is complete, it can be auctioned off at a college or you can seek donations at an art show.