Adding the lines below to my .csproj file seems to solve the same error for me:
<PropertyGroup>
<VisualStudioVersion Condition="'$(VisualStudioVersion)' == ''">10.0</VisualStudioVersion>
<VSToolsPath Condition="'$(VSToolsPath)' == ''">$(MSBuildExtensionsPath32)\Microsoft\VisualStudio\v$(VisualStudioVersion)</VSToolsPath>
</PropertyGroup>
As part of trying to resolve the issue, I've also installed the MSBuild.Microsoft.VisualStudio.Web.targets Nuget Package. But I'm still not sure it was necessary in order to resolve the issue.