What you are proposing sounds, as presented, perfectly reasonable. Kurnal explains the fire fighting logistical arguments well.
You might struggle with the mains supply. You will need over 3 bar at the main sprinkler valve and this may not be supported by the normal mains supply (24/7 requirement). The water suppliers may be reluctant to allow a pump to boost your supply as this reduces pressure in the main and can lead to contamination of the water supply through leaky mains. You will only find out what is feasible by approaching the water supplier.
You mention a "residential" sprinkler system. Be clear of what you want, "residential" is different to "domestic." A "residential" system has a much higher requirement for the water supply than a "domestic" system. You probably want a "domestic" system which requires, as kurnal states, ten minutes of water supply. Also, if it is a "domestic" system you're after, then the flow requirements (at the 3+ bar that is required at the control valve) will actually be much less than the 200l/min kurnal suggests - his figure is for a "residential" system - the actual requirement is likely to be around half of that. If a tank is required for the supply then you are likely to need a tank of between one and two cubic metres. This can be located anywhere in the building but you will also need a pump. The pump has some demands for its electrical supply but these are not too demanding.
As kurnal states, your biggest issue is not going to be in the technology, but in the act of putting a convincing argument to building control and the fire service. Kurnal's comments about fire-fighting give you an idea of how to put your argument together. You should bear in mind, if you go for the domestic system, that the system will only last ten minutes and if the building is located somewhere where the fire service will take 20 minutes to get to the building then the ten minute supply is unlikely to seem like an attractive option for them. If, however, they are likely to get an appliance there within ten minutes then they might be happy that they will be faced with a smaller fire when they attend.
As for water mist, there's no BS and the NFPA standard won't really give you precise guidance on the design of the required system. Remember that you are intending to install the system as a life safety compensatory feature. The NFPA life safety system requires 30 minutes supply and this is infrequently proposed in this country. You may find it hard to present a rigorous argument to building control and the fire service if you propose water mist as compensation for the lack of internal fire fighting facilities.
Stu