After changing the output directory of a visual studio project it started to fail to build with an error very much like:
C:\\Program Files\\Microsoft Visu
It looks reasonable enough to me, unless something is imposing a 4096 character limit [you list 4020 characters]
A 4096 limit to me seems a bit absurd, it'd be 2048 or 32767 or 8192 from stuff I've found by searching for the command-line limits.