As is known, more sustainable concrete has become the desired aim of many transportation departments. To produce more sustainable concrete, the emphasis has been placed on replacing cement with more sustainable materials and taken into account, materials cost and CO2 footprint. High volume fly ash with hydrated lime mixtures have been proposed as one potential approach for achieving durable and sustainable concrete. In this first phase study, performance ranking analysis approach is presented to optimize the performance of high volume fly ash mortars. A total of 15 mortar mixtures were prepared at different replacement levels (up to 75 percent). Hydrated lime was incorporated with ASTM Class C fly ash to increase hydration reaction at different dosage levels (between 0-15 percentages). Fresh properties and semi Adiabatic temperature tests were conducted for each mixture. Compressive strength, drying shrinkage, bulk electric conductivity, and electric resistivity (surface) were measured and monitored until the age of 90 days. Cost efficiency was also evaluated. Based on performance ranking approach, five different binder compositions were selected to conduct the second phase of this study.