Error occurred in deployment step 'Recycle IIS Application Pool'

I am trying to build a webpart project and I am trying to deploy the same into my Sharepoint dev site which I created using the Sharepoint Central Admin. But the issue which I am facing while deploying the website from Visual Studio is in the step 'Recycle Application Pool', with the below listed error message.

Error Message:

Error occurred in deployment step 'Recycle IIS Application Pool':  Cannot connect to the SharePoint site: Make sure that this is a valid  URL and the SharePoint site is running on the local computer. If you  moved this project to a new computer or if the URL of the SharePoint  site has changed since you created the project, update the Site URL  property of the project.

I have tried the below listed options with no luck,

• Permission check for the user account against the content database.
• Run Visual studio using the administrator account.
• Reset IIS and the corresponding website.

Regards

Arvind