Error:No SharePoint Site exists at the specified URL while deployong the webpart.

Question

Hi, I have build my custom webpart using the visual studio extensions. I want to deploy it. but getting error:

No SharePoint Site exists at the specified URL

for the solution I have tried to change the "Start browser with URL" from properties of the project in Debug tab. I gave my site name with port as,

http://myserver:500/

but still problem there, when a i say build or deploy. Please guide me.