Microsoft Project Server is a dedicated product which offers enterprise-class components for project and portfolio management. This product requires running on top of Microsoft SharePoint platform. Project Server is a cost-effective project management solution for organizations that do not need to spend efforts on the new development in SharePoint platform.

In SharePoint 2016, Project Server is integrated into the platform. With this new improvement, deploying Project Server couldn’t be easier. You won’t also have to worry about the uninstallation which would take your existing SharePoint out of the production in the 2013 version or older.

As of this article, you can only create a Project Server service application via Central Administration.

In SharePoint 2016, only PowerShell supports the project web app site creation.

$siteName = "EPM Portal"
$template = "pwa#0"
$owner = "tscorp\farm"
$databaseName = "EPM_DB"
$databaseServer = "SP2016"
New-SPContentDatabase -Name $databaseName -DatabaseServer $databaseServer -WebApplication $webApp
New-SPSite -Url $siteUrl -OwnerAlias $owner -ContentDatabase $databaseName -Template $template -Name $siteName
Enable-SPFeature pwasite -URL $siteUrl

First, create a new content database for the project web app site with New-SPContentDatabase. After that create the new project web app site which associates to the newly created content database. Finally, enable Project Web App feature for your site.