It says I must recompile it, this was the failure in the log:
UnrealBuildTool Exception: ERROR: No 32-bit compiler toolchain found in C:\Program Files (x86)\Microsoft Visual Studio 14.0\VC\bin\cl.exe
You need to install Visual Studio 2015 
EDIT:
According to @teak21 science my answer is not clear and he’s probably right. So here is my edit.
Your visual studio is not properly installed. Check this post to know how to fix it. However, I suggest that next time you google your issue. You will probably get a faster solution and pretty much a better one (since mine is not good :D).
Good luck, best regard.
It is installed
Take a look at this post (found it after doing a 10 sec google search)
I went and downloaded
Visual C++ Redistributable for Visual Studio 2015
However it said I have a later version or already installed. Also, same with visual studio 2015
Not sure why the original answer was telling you needed Visual Studio 2015 when you have it installed… VS 14 IS Visual Studio 2015. Yes, odd. Anyway, did you delete your Intermediate folder inside of your project? Sometimes that works wonders for crud like this…
Well, I first answered what my logic told me: “No 32-bit compiler toolchain found” probably means that cl.exe is not there or something is wrong with it. So I don’t think there is something wrong with my first answer.
Also, if you would take time to check the link I added in my previous comment you would have seen that the answer is already there and yeah, it’s talking about a badly installed Visual Studio 2015.
You need to install Visual Studio 2015
Yeah, that sure tells the original poster that its a badly installed VS 2015. Maybe cut the snarky responses about the 10 second google too… Here, watch…
OldGoldie,
Not the C++ Redistribute, but when you install VS 2015. Make sure when you run the installation that you selected C++. MS took that off as an automatic install option, you actually have to do a CUSTOM install and select C++. Hope this helps.