As climate risks increase, there is a challenge of combining the goals of carbon mitigation and climate adaptation into building designs. These two goals are often misaligned because adaptation measures use additional materials and equipment, which can increase greenhouse gas (GHG) emissions. This phenomenon means that building design involves tradeoffs between enhanced structural resilience and reduced GHG emissions. This paper seeks to identify the optimal investment allocation mechanisms between carbon mitigation and climate adaptation measures for the design of buildings in hurricane-prone regions. A dynamic decision-making model is developed to maximize individual investors' expected payoffs over a building's lifetime. The model is based on the damage evaluation of non-stationary hurricane occurrence and building emission performance under different mitigation scenarios. The results reveal a transition from long-advocated low-carbon investments to risk-oriented portfolios for building retrofits. A case study on Anne Arundel County, MD, for which a "60-40" resilience/abatement portfolio is recommended, shows the value of enhancing structural resilience. Discretion on the accuracy of insurance premium discounts is needed to support risk mitigation efforts. Meanwhile, subsidies for emission abatements are recommended to accommodate existing emission trading schemes and building property values. (C) 2018 Elsevier B.V. All rights reserved.