Edited Issue: Designer: Unable to add new EDM to Web Site project [1467]

Repro:
- Create new ASP.NET Web Forms Site project targetting .NET 4.5.
- Note that I do not see this error if I choose "Empty Web Site"
- Add New Item under App_Code (or select Yes later to move here)
- Choose ADO.NET EDM

Result: The given assembly name or codebase was invalid. (Exception from HRESULT 0x80131047

Clicking OK goes back to the Add Item dialog.

I have VS 2013 Preview and VS 2012 side-by-side with new designer installed in both. OS is Win8 32-bit running in a VM.