Loading web site project looping

When I open a particular web site project, Visual Studio takes 50% CPU and appears to be looping.  If I disable Resharper, this does not happen.  The solution wide analysis icon never shows up in the bottom right hand corner. I am able to work in Visual Studio, but typing is slow.  Other web site projects do not have this problem.  

I was using build 1565.  I tried it on build 1601 and it still happens.  I am using Visual Studio 2008.  Is this a known problem?