This error is really driving me crazy. (Terminal running in administrator mode)
Initialization of azure storage emulator in sql server 2014:
C:\\Prog
I have had this happen recently, and it was because I'd recently installed the HDInsight emulator. It appears this was auto-starting the storage emulator causing an error when VS attempted to start it resulting in an error.
Setting the "Start Microsoft Azure storage emulator" value to False worked in this case also.