The poster stated that it had found the answer to its question, but I came across the same error message with RC1, and the accepted answer did not solve my problem. I see that Sven Gillis is still hunting for a solution, so I would like to share what solved the problem for me.
It turns out that the error can be caused by an error in RC1 Update 1 (and all previous versions), which occurs if the installation is used through the Windows login, in which there is a space. like Tim Smith.
I could not find the patch, but there is work. Just create another user account on the computer in which there is no place (for example, "Tim"), and use the visual studio under this account. In my case, this solved the problem. Now I can create web projects in Visual Studio 2015 Community Edition Update 1 using Asp.Net 5 templates and run them through F5 and Ctl + F5 from the visual studio, and I no longer get the error.
However, if I switch to the original user account on a machine that has a space, I still get an error message when I try to start a project generated from the same template. The same code was run from two different Windows user accounts, creating two very different results. Hope this helps someone else, I spent 7 days looking for a solution to this problem.
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