Providing adequate fire safety for urban buildings is a life-saving goal, and can be addressed in different ways. Reported studies integrating fire safety and life cycle cost (LCC) of conventional urban structures are rare. To address this gap, a cost–performance framework was developed. Four- and seven-storey steel (with and without fireproofing coatings) and reinforced concrete (RC) structures were designed, first for conventional loads and then fireproofed to meet their required fire-resistance rating. A range of sprinkler spacings, from 3200 mm (based on NFPA 13) to 12 000 mm, was configured. Fire was simulated using a fire dynamic simulation tool and the results were used to monitor evacuation plans and structural responses. The steel structures were additionally analysed under the assumption that they were not fireproofed. Human and financial damage costs were then estimated and the LCC for every case/scenario was determined. Interestingly, the results showed that the optimum LCC was not achieved for cases designed based on NFPA 13; instead, a sprinkler spacing of 6000 mm led to the optimum LCC. It was also found that steel structures without fireproofing do not have a higher LCC if the sprinklers are placed over a shorter distance. This result could be particularly beneficial for existing structures that are not fireproofed.