The University of Hawai'i-West O'ahu has issued a formal request for proposals from potential buyers of 55 acres of land it owns next to its Kapolei campus.

The money would be used for the construction of buildings on the campus where work is under way on water, sewer and other improvements. Proposals must be submitted by Sept. 10.

UH-West O'ahu Chancellor Gene Awakuni said that following a review of the bids, a recommendation will be made to the Board of Regents in November.

A proposed sale would need the approval of the Legislature. If all goes well, the sale could close in May.

According to the sales package, the land could be used for a supermarket or other retail development, or perhaps for a health club, theaters, offices or apartments.

"We think the market is still decent," Awakuni said. "It's not great, but it's decent enough that it will yield a pretty good price."

But Stephany Sofos, a real estate and retail analyst, wasn't so sure. She called UH-West O'ahu's plans "ambitious," given the current business and credit markets.

She noted three other shopping centers are planned for Kapolei with about 1 million square feet of retail space.

"It's just a lot of retail in that area," she said. "A lot of people are waiting, and they want to see what's going to happen in the marketplace."

To avoid influencing bidders, Awakuni declined to say what the land could be worth. But in the past he has said UH-West O'ahu hoped to raise about $40 million from the land sale.

The university will also consider long-term leases, but prefers to sell the land, he said.

The full cost of construction was to have been covered by a $100 million deal to buy state land around the campus for a housing development. But Hunt Companies pulled out last summer.