Code Projects do not upgrade cleanly to 4.16

When using the "Switch Engine Version" option in the uproject's right click menu to change a project's engine association, switching to 4.16 and attempting to launch the project forces the project to be recompiled in Visual Studio / XCode prior t opening.

Regression:
Yes, converting a project from 4.14.3 to 4.15.2 does not incur this manual rebuild.

1. Create a 4.15.2 Code project
2. Close the editor once the project loads
3. Navigate to the project folder
4. Right click on .uproject file and select Switch Unreal Engine version
5. Select 4.16 from the dropdown
6. After Recompiling .dlls, Double click on .uproject file to launch the project

Result:
User is prompted that the project could not be compiled and to compile from source manually

Expected:
Project compiles and opens after changing engine association