The RIBA CABE Public Space Award will highlight the importance of innovative and well-designed public spaces.
CABE Space director Sarah Gaventa said the award would feature exemplar spaces that enrich communities. "Public spaces reflect and shape the character and quality of our cities," she said. "We use them every day, so they must be the best they can be."
Eligible schemes for the award can include a street, a square, a park, or a corner - as long as the scheme is publicly accessible.
Design teams must include an architect member of RIBA and must have won a RIBA award to be considered for the new prize. The entry deadline is 5pm on 21 February and the prize of £5,000 will be presented to the winning team on 11 October.