Visual Studio - This task requires the application to have elevated permissions

I'm trying to create a visual web part in Visual Studio 2013.  When I click on the SharePoint 2013 Visual WebPart to create the project, I get prompted "This task requires the application to have elevated permissions".  I am part of the local admin group, so I'm stumped as to why I get this error.

I can create other projects (console apps, web, etc..) without getting prompted, just SharePoint.  I cannot run Visual Studio as administrator because then I cannot access TFS.

Any help is appreciated.