Creating a new SVN Projects from Directories in Another SVN Project

This might sound like a weird request but here's what I need to do: I
have a SVN project that has been ongoing for about a year (so it has
significant change history). A subdirectory within that project has
now evolved into a larger project on its own. I would like to pull out
this subdirectory and make a new SVN project around it and, hopefully,
maintain its original change history.

I know that I could simply create a new SVN project and commit the
most recent version of this directory but then I would lose its change
history. This is what I'll do if I don't hear of other
recommendations.

Thanks in advance,

Jon

-- 
Jon Froehlich
PhD Student
Computer Science and Engineering
University of Washington
http://www.cs.washington.edu/homes/jfroehli
http://sustain.cs.washington.edu/blog/
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