It's not Fixed Asset; it's Other Asset, as prepayment for the project, such as Construction In Progress (CIP) or Vendor Prepayment. It is still your asset until the work is done and in service (or the funds are returned or considered wasted), but not as Fixed Asset, because nothing has been placed in service. You cannot depreciate something that doesn't exist, yet.

The project will be depreciated; not the prepayment or progress payments.