Pipeline tool output going to wrong directory when built by Visual Studio

I’m using VS2015 Professional and MonoGame

I have a Content project and a Fractals project. The Content project contains a Content.mgcb file with the output directory set to ../Fractals/Content.

When I build the content from the Pipeline tool itself, the output goes to the correct directory, i.e. <solution>/Fractals/Content. However, when it is built by Visual Studio, the output goes to <solution>/Content/Content/bin/Windows.

Is there a way to get the output to go to the correct directory when the content project is built by VS?

By the way, I’m using a separate project for content as I can’t get it to work at all inside an F# project - possibly related to this issue.