Failed to make the following project runnable (Object reference not set to an instance of an object.) : <p>When I create default web project in Visual Studio 2015 (Update 3) with installed .NET Core 1.0 SDK and Tooling (preview 2) and restart the Visual Studio after reverting local source control changes I am getting the following <strong>compilation error</strong>:</p>

<blockquote>
  <p>Failed to make the following project runnable: MyDefaultWebProject (.NETCoreApp,Version=v1.0) reason: Object reference not set to an instance of an object.</p>
</blockquote>

<p>According to Visual Studio the error is located in <code>C:\Program Files (x86)\MSBuild\Microsoft\VisualStudio\v14.0\DotNet\Microsoft.DotNet.Common.Targets</code> on line 262</p>

<p>On this line there is the following code:</p>

<pre><code>&lt;Dnx
  RuntimeExe="$(SDKToolingExe)"
  Condition="'$(_DesignTimeHostBuild)' != 'true'"
  ProjectFolder="$(MSBuildProjectDirectory)"
  Arguments="$(_BuildArguments)"
  /&gt;
</code></pre>

<p>How can I fix such a problem?</p>
