By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE GOVERNMENT is awaiting a proposal for the redevelopment of the Kelly property in downtown Nassau after it was ravaged by fire in February 2011. Speaking at the 59th annual general meeting of the Bahamas Hotel Association (BHA), Prime Minister Hubert Ingraham said: "We are awaiting the receipt of a proposal for the redevelopment of the Kelly property along Bay and East Street. "The Government has derferred on its option to purchase the property so as to permit the family/company to proivide their development plan for the site." And he added: "Soon we will also introduce, and enforce, standards and rules to govern the upkeep and maintanence of buildings in the city of Nassau." Back in February, a massive fire consumed an entire block of Bay Street, leaving in its wake millions of dollars in damage and setting back plans for the Downtown Redevelopment project. The fire was believed to have begun on the second floor of the Betty K Building. The blaze also damaged the block from the Bacardi Building on the corner of East and Bay Streets, to the Kelly's Dock Yard. It also damaged the Adderley Building, the condemned complex adjourning the Churchill Building, which houses the Cabinet Office. The plans for downtown's redevelopment were dealt another blow last Friday when a massive blaze destroyed the Pompey Museum, the temporary Straw Market site, the Balcony nightclub and the SunTime Shop. The blaze is believed to have started around 3am in the morning.