Is it academically dishonest to submit the same project to two different classes in the same semester?
Whether it is or not, the professors in the courses will have the last say. If either of them considers it dishonest or otherwise improper, for any reason, you will wind up in a bad place. 

But there is an easy way out. Just ask both of them for permission to do this. They might say yes, or no, but then you have a clear answer. They might also give permission provided that you go a bit beyond the bare essentials to demonstrate sufficient work (and seriousness) to cover both. 

But doing it without notice or permission seems dangerous, no matter the ethics. 

And, you can even come off looking good on this if you actually make an offer to do more than the minimum and submit the result to both. It might mean a bit less work for you overall, and might also teach you some things you wouldn't otherwise have learned. Even for a previously submitted project, offering to extend the old work can be a plus. 

FWIW, I would probably be inclined to permit it, with the proviso of some added requirements. 

And, I actually did this in secondary school because I changed schools. I asked an instructor at the new place if I could submit a report that I'd previously worked on, but wasn't actually graded for (since I left). I was given permission and it saved me a bit of work.