Founded as a freight-only railroad in 2004, it leases and has trackage rights on lines owned by the Norfolk Southern and the Wheeling and Lake Erie Railway.
The Wheeling approached Michael Kole, a trustee of the Midwest Railway Preservation Society who had experience operating freight trains.
Kole contacted the society's president, Bill Brown, a former insurance executive, who agreed to join the venture and provide administrative expertise.
[10] A month later, the United States Department of Transportation awarded a $25 million ($40,300,000 in 2023 dollars) low-interest loan to allow the Wheeling & Lake Erie Railway to modernize, repair, and replace 315 miles (507 km) of track.
The lease covered 25 miles (40 km) of Norfolk Southern track between the Von Willer yard (near E. 93rd Street and Harvard Avenue) in Cleveland and Aurora, Ohio.