There's a new architecture prize in town and it's loaded. The Royal Architectural Institute of Canada (RAIC) Foundation and distinguished Canadian architect Raymond Moriyama announced today the launch of the Moriyama RAIC International Prize, a biennial award for the best building or project in the world. Now one of the world's largest architectural prizes, it consists of CAD$100,000 and a sculpture designed by Canadian designer Wei Yew -- perhaps making it a potential rival to the prestigious Pritzker Prize.

Moriyama and RAIC established the award in effort to raise the international stature of RAIC and the work of Canadian architects. Moriyama first thought of the idea in 1976 while on a three-month walk in the footsteps of Buddha through India and Nepal.

The prize is open to any architect, firm, or collaboration in the world for an outstanding building or project. It may also be granted to a non-architect for an exceptional contribution to architecture. The winner will be selected through an open, juried competition. Criteria include design excellence, client satisfaction, and quality of detail.

Submissions are due by Aug. 1, 2014. The first award ceremony takes place in Toronto on Oct. 11, 2014.

Three students of Canadian schools of architecture will also be awarded a scholarship of CAD$5,000 each. Student winners will be selected based on a written essay.

For further details, click here.