What about Sql Server Data Tools for VS2012 being incompatible with Sql Server 2012?
sql-server-2012-datatools, visual-studio-2012
Solution
I Installed SQL Server 2012 Service pack 1 yesterday and then I started getting the problem you describe in Visual Studio 2012. Not only with database projects; I could not use the SQL Server Object Explorer, not open sql-scripts and lots of other weird database related errors. Always with the same message:
"This version of SQL Server Data Tools is not compatible with ... bla, bla, bla ..."
This solution helped me: https://web.archive.org/web/20150315060703/http://blog.wharton.com.au/2012/11/16/sql-server-2012-sp-1-breaks-sql-server-database-projects/ Hope this can help you too
Update: With the March 2013 Release it seems you have to also update the SQL Server Data Tools available here See the comments in this post for more details.
Problem
In what seems to be a very odd turn, I am trying to create a Sql Database project in Visual Studio 2012, and am getting this nutty error: And clicking on either link leads to a Page Not Found at Microsoft.com, which is odd in itself. From the bare text of the error message, which is (for search purposes): Unable to open Database Project This version of SQL Server Data Tools is not compatible with the database runtime components installed on this computer. Considering that I have Sql Server 2012 Developer Edition installed on the workstation, this seems incredible. I can open or create a database project in VS2008 with Sql Server 2012 DE installed, so why not VS 2012?