Thank you for your reply!
The entire sentence is ->"From the building’s odd elevation, one could observe the weather at its proper scale, see an anvil cloud converge and hang vengefully above the town."
The building was high up above the town; it wasn't necessarily a high building.
For your information - not relevant here - the term 'elevation' also has a technical sense that refers to a view of the building from a certain angle - so you may sometimes see expressions such as 'the building's south elevation'.
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