diff --git a/nuget/Microsoft.Windows.CppWinRT.targets b/nuget/Microsoft.Windows.CppWinRT.targets
index 27eb50416..98d8f592e 100644
--- a/nuget/Microsoft.Windows.CppWinRT.targets
+++ b/nuget/Microsoft.Windows.CppWinRT.targets
@@ -432,6 +432,7 @@ $(XamlMetaDataProviderPch)
 
     <!--Build reference projection from WinMD project references and dynamic library project references-->
     <Target Name="CppWinRTMakeReferenceProjection"
+            Condition="'@(CppWinRTDirectWinMDReferences)@(CppWinRTDynamicProjectWinMDReferences)' != '' AND '$(CppWinRTEnableReferenceProjection)' == 'true'"
             Condition="'$(CppWinRTEnableReferenceProjection)' == 'true'"
             DependsOnTargets="GetCppWinRTProjectWinMDReferences;GetCppWinRTPlatformWinMDReferences;GetCppWinRTDirectWinMDReferences;$(CppWinRTMakeReferenceProjectionDependsOn)"
             Inputs="@(CppWinRTDirectWinMDReferences);@(CppWinRTDynamicProjectWinMDReferences);@(CppWinRTPlatformWinMDReferences)"