A two-level displacement-based design procedure is developed. To obtain the displacement demands, elastic spectra for occasional earthquakes and inelastic spectra for rare earthquakes are used. Minimum global stiffness and strength to be supplied to the structure are based on specified maximum permissible drift limits and on the condition that the structure responds within the elastic range for occasional earthquakes. The performance of the structure may be assessed by an inelastic push-over analysis to the required displacement and the evaluation of damage indices. The approach is applied to the design of a five-story reinforced concrete coupled wall structure located in the most hazardous seismic region of Argentina. The inelastic dynamic response of the structure subjected to real and artificially generated acceleration time histories is also analyzed. Finally, advantages and limitations of the proposed procedure from the conceptual point of view and practical application are discussed.