Reminder Note to Self 🙂
So recently a few of us had an issue where we had installed a SharePoint 2016 Virtual Machine, running Visual Studio 2015 with Update 3, and could not open the Project we needed. Every time we tried to open it, in the Solution Explorer it would simply say Update Required and then fail to open it. So as you expect we would click to update and it would download the latest version of the Office Developer Tools, however it would not fix the problem.
To resolve this we downloaded the Developer Tools from here: https://www.microsoft.com/en-us/download/details.aspx?id=51683, then once done we made sure that Update 3 was also installed (done previously).
Adding this update combined with the one it kept complaining about, added the SharePoint 2016 Templates that we needed.