Criminal disturbance around street assembly (12)
I believe the answer is:
construction
'assembly' is the definition.
(thesaurus)
'criminal disturbance around street' is the wordplay.
'criminal' becomes 'con' (abbreviation for 'convict').
'disturbance' becomes 'ruction' (ruction is a kind of disturbance).
'around' is an insertion indicator.
'street' becomes 'st'.
'con'+'ruction'='conruction'
'conruction' going around 'st' is 'CONSTRUCTION'.
(Other definitions for construction that I've seen before include "Process of erecting buildings" , "Act of building" , "Building; interpretation" , "Industry of erecting buildings" .)