Possibly save 1 hour of your time: After upgrading my work machine to Windows 10 Anniversary update, I cannot load my web application project. In my situation, I am not running as administrator.
- You can run Visual Studio as administrator, and the project should load fine.
- In my situation I don’t want to run as administrator, then you will have to go to %systemroot%\System32\inetsrv\config (i.e. %systemroot% for me is c:/windows). It will ask you to prompt in your administrator login. Do that. Once you have accessed to that folder, now you can go back to your Visual Studio and try loading that project again. It works for me subsequently after.