The following steps fix the problem for me:
- Close Visual Studio
- Navigate to the folder where your solution files are stored and delete the hidden
.vs
folder. - Restart Visual Studio
- Hit F5 and IIS Express should load as normal, allowing you to debug.
Note: Based on my experience and others in the comments, this problem seems to be caused by moving a project between workstations, environments, or versions of Visual Studio. There must be some environment specific information contained in the .vs
folder.