The project, by Gillespies, cost more than £24m to develop, and opened in 2012 – transforming a large section of Bradford city centre, according to the Local Democracy Reporting Service.
Since then it has hosted festivals, live performances and art installations, and is home to Bradford’s annual Literature Festival.
The opening event for Bradford’s year as City of Culture, Rise, attracted 20,000 people when it was staged in the park.
It has also been used as a filming location on several occasions, most recently appearing in the BBC One drama Virdee.
City Park will face competition from Crystal Palace Park Café and the Stratford Town Centre Link.
Architecture Today said the park had “helped unlock further regeneration”, played a “significant role” in the City of Culture bid, supported local economic activity and hosted more than 50 events annually.
The award ceremony is due to take place on 17 September.