Create failed for Index 'ClusteredColumnStoreIndex'. Timeout expired
In Management Studio for SQL 2014, the timeout for the designers is held in Tools > Options > Designers > Table and Database Designers with a default of 30 seconds.



However, as the syntax is so simple for creating a clustered columnstore, as already suggested, you should script it rather than using the designer, eg

CREATE CLUSTERED COLUMNSTORE INDEX IX_MyTable ON dbo.MyTable ON [PRIMARY]
GO


This option won't time out, but may struggle if you don't have enough memory.  

In order to get the best out of your compression, you might also consider creating a clustered index on the table to pre-sort it, then drop it prior to creating the clustered columnstore.  YMMV.