Resolve MSB4019: The imported project "C:\Program Files\dotnet\sdk\1.0.0-rc4-004771\Microsoft\VisualStudio\v14.0\DotNet\Microsoft.DotNet.Props" was not found or Unable to start the process. No executable found matching command "dotnet-projectmodel-server"

You might encounter compilation error in Visual Studio 2015 when a new .NET Core 1 web app is created, if you have installed Visual Studio 2017 (RC as of now). When a new .NET Core 1 web application is created/opened in Visual Studio 2015, with the project template you get with .NET Core 1.0.1 tools Preview 2, while having ".NET Core cross-platform development" for Visual Studio 2017 in your machine, you might see below error prompted.
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Microsoft Visual Studio
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The following error occurred attempting to run the project model server process (1.0.0-rc4-004771).
Unable to start the process. No executable found matching command "dotnet-projectmodel-server"
The project model server process provides intellisense, build, and reference information to Visual Studio and without it your experience will be very limited. Please try closing and reopening Visual Studio to see if that corrects the problem. Alternatively, check that the .NET Core SDK is properly installed.
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OK  
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When attempt to compile the solution you may encounter a compilation error below.
WebApp.xproj(7,3): error MSB4019: The imported project "C:\Program Files\dotnet\sdk\1.0.0-rc4-004771\Microsoft\VisualStudio\v14.0\DotNet\Microsoft.DotNet.Props" was not found. Confirm that the path in the <Import> declaration is correct, and that the file exists on disk.

Open/Create .NET Core 1 Web App error
Compilation error
You might see references for the Core 1 web app is not restored.
Reason for this issue is when you setup ".NET Core cross-platform development" for Visual Studio 2017 .NET Core SDK 1.0.0-rc4-004771 or higher is installed and VS 2015 does not support this SDK. Multiple SDKs here confuse VS 2015.
How to resolve?
Add a global.json file to the location of the solution file.
Set the SDK version (version should be 1.0.0- preview version available in your macine) as shown below in global.json.
{
  "sdk": {
    "version": "1.0.0-preview2-003131"
  }
}

Now close and open the solution in visual studio 2015 and you can see the restore of references. No errors when opening solution.
Build solution works and you should be able to run the application.