In the past 20 years, seismic isolation has see a variety of applications in design of structures to mitigate seismic hazard. In particular, isolation has been seen as a means of achieving enhanced seismic performance objectives, such as those for hospitals, critical emergency response facilities, mass electronic data storage centers, and similar buildings whose functionality following a major seismic event is either critical to the public welfare or the financial solvency of an organization. While achieving these enhanced performance objectives is a natural (and oftentimes requisite) application of seismic isolation, little attention has been given to the extension of current design practice to isolated buildings which may have more conventional performance objectives. The development of a rational design methodology for isolated buildings requires thorough investigation of the behavior of isolated structures subjected to seismic input of various recurrence intervals, and which are designed to remain elastic only under frequent events. This paper summarizes these investigations, and proposed a consistent probabilistic framework within which any combination of performance objectives may be met. Analytical simulations are presented, the results are summarized. The intent of this work is to allow a building owner to make informed decisions regarding tradeoffs between superstructure performance (drifts, accelerations) and isolation system performance. Within this framework, it is possible to realize the benefits of designing isolated buildings for which the design criteria allows consideration of multiple performance goals.