Westlake Elevated breaks ground on buyable retail space

Residents of Westlake gained a new commercial real estate option Tuesday when crews broke ground on Westlake Elevated. The development allows small business owners to purchase their workspace rather than sign a long-term lease. The project sits within the Ranney Parkway industrial park.

Thomas Lawrence, the developer and founder of the project, said the design targets companies currently operating out of garages or those outgrowing their current locations. He noted a scarcity of commercial spaces between 1,000 and 3,000 square feet in the west suburbs of Cleveland. The smallest units in the first building are listed for under $300,000.

Lawrence explained that the purchase model lets owners build equity over time. "What we want to offer people is an opportunity to own their business, elevate to the next level, have an investment that they know they’re paying into and over time after 10 years, we feel like the lease payments that you would have paid could have gone towards ownership," he said.

The first phase consists of a single building containing nine units. Lawrence said the spaces are suitable for various enterprises, including small attorney offices, golf simulators, and yoga studios. "It gives small businesses a chance to say to their clients, ‘Hey, we’ve made it. We’ve come far,’” Lawrence said.

Plans call for three additional buildings to be constructed on the site, each containing multiple units. The developer expects the first phase to open in the summer of 2027. The remaining three phases are scheduled for completion within the next two years.