Failed to open Project. Method failed with unexpected error code 50

Error Message

In ArcGIS Pro, when attempting to create a new project from a template, the following error is returned:

Error:   
Failed to open Project. Method failed with unexpected error code 50.

Cause

Security restrictions enforced by the organization’s IT administrator may interfere with access to the project location.

Solution or Workaround

Gain access to the project location

Contact the organization's IT administrator to lift the restriction to the project location.

Set the default project location in the Project location setting on the ArcGIS Pro Options tab

Note: 
Ensure the project location is online and accessible.

1. Start ArcGIS Pro.
2. Click Settings at the bottom-left corner of the window, and click Options.
3. In the Options dialog box, under Application, click General and the Set general options for ArcGIS Pro pane opens.

4. In the Set general options for ArcGIS Pro pane, expand Create projects.
5. Under Project location, select New projects are saved in a custom location.

6. Click Browse... and navigate to the directory described below.

C:\Users\<username>\Documents\ArcGIS\Projects

7. Click OK.
8. Check the Create a folder for the project check box, and click OK.

9. Restart ArcGIS Pro. Projects can now be created using the template.