SharePoint 2013: Error Creating Web Application in SharePoint 2013

I recently ran into an issue when creating a new sharepoint 2013 web application. After couple of minutes the dialog box displayed "Internet Explorer cannot display the webpage".  I waited another couple of minutes and I found that the web app is actually created in Central Administration. However, when I ​looked in the Virtual Directory I noticed there was nothing in the folder for my newly created port. 

I think it might be a timing out issue and took these steps to solve the problem

1. Open IIS Manager and select Application Pools
2. On the right hand side of the window click Select Application Pool Defaults...
3. Change the following 3 Process Model time settings
1. Ping Maximum Response Time
2. Shutdown Time Limit
3. Startup Time Limit
1. I changed all of these from 90 to 900
4. Do an iis reset