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)' == ''">$(MSBuildExtensionsPath32)MicrosoftVisualStudiov$(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.
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