Civic's Bunda Street shareway has been nominated for a national award which recognises innovative planning solutions.
The ACT government announced last year it would transform the precinct into a combined pedestrian, cyclist and motorist shared zone in an effort revitalise the city centre.
The project has now been named a finalist in the 2015 Planning Institute of Australia National Awards for Planning Excellence.
Roads ACT, together with McGregor Coxall and GTA Consultants, were named as territory finalists for the project in December last year.
It is now in the running for the national "Hard Won Victory" award which rewards innovation.
ACT Territory and Municipal Services Minister Shane Rattenbury said the nomination recognised the project's purpose to energise the area and boost pedestrian and cyclist activity.
Award winners will be announced next month, several days after the Bunda Street festival to celebrate the project's completion on Sunday, May 10.
Festivities will include music, family games, a drawing tent, chalk art, bike maintenance demonstrations and a bike rodeo.
There will also be tasting plates from nearby restaurants and a pampering zone for mothers at the event, which falls on Mother's Day.
Mr Rattenbury said it was a good opportunity for residents to familiarise themselves with the shareway given it was "a fairly new concept for most Canberrans".
He reminded members of the public that motorists and cyclists had to give way to pedestrians.
Cars should slow down as cyclists and pedestrians were able to cross the road at any time.
However, the redevelopment was given a mixed report card by Canberrans before work began on the project in September.
While some residents liked the government's efforts to modernise and improve the major city road, others were concerned at the loss of car parking spaces or thought it unnecessary.