Error -2146233033 (Invalid URI: Hostname could not be parsed)

Symptoms: When attempting to save a project while using Windows via Bootcamp, Parallels or VMWare on a Mac OS.
 
Error in Object: ConvertSI5XMLToShadowDatabase Error Description: Invalid URI: The hostname could not be parsed. Error Number:-2146233033
 

 
Cause:  This is caused by the Mac OS setting a non-Windows folder as the default project path.  This may show as .host or .psf and in either case must be changed to the Windows folder designation.
 

 
Solution:  Open your Setup tab in the Navigator and set the project path to the Windows “My Documents” folder or a folder on the root of the C drive.