Delete the \Documents\IISExpress folder using the following console command: rmdir /s /q"%userprofile%\Documents\IISExpress"
Delete the applicationhost.config file which is placed within the \.vs\Config\ folder in your Visual Studio project root folder.
Close Visual Studio and re-start it with Administrative priviledges (right-click > Run as Administrator).
Change the project’s website random URL: within Visual Studio, right-click to the project node in Solution Explorer, then select Properties; navigate through the Web panel, then change the number in the Project Url textbox value.
Add the _CSRUN_DISABLE_WORKAROUNDS Environment System variable with the value of 1 as shown in the following screenshot (thanks to Juan M. Elosegui for reporting this on this SO thread and for the image):
