Cannot connect to the targeted site.

This error can occur if the specified site is not hosted on the local system. SharePoint solutions work only with locally-installed versions of SharePoint Foundation or SharePoint Server. Remote development is supported only for apps for SharePoint 2013.

This error can occur if the specified site is not hosted on the local system.

If you run your developer environment on virtual machine you probably get this error. When you create SharePoint project you have provide SharePoint site for debugging and when you press validate in Visual Studio you will get an error:
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Cannot connect to the targeted site. This error can occur if the specified site is not hosted on the local system.
SharePoint solutions work only with locally-installed versions of SharePoint Foundation or SharePoint Server.
Remote development is supported only for apps for SharePoint 2013.

The problem also was occurring also in previous SharePoint version. To solve the problem you have to add you server IP address to host file (in windows folder C:Windows\system32\drivers\etc) . For example if you run your site mysite.com at IP address 192.168.1.1 You have to put in host file following line:

192.168.1.1  mysite.com

and save the file. After that you will be able to validate the site without any problem.