TAMPA - The developers of the Towers of Channelside, a pair of 29-story luxury condominiums, filed for bankruptcy court protection Friday, stating that Wachovia Corp. cut off its credit.

The developer has sold just 89 of the 257 units, according to documents filed in U.S. Bankruptcy Court in Tampa on Friday. Many of the contracts on units that have not closed fell through because buyers backed out, documents said.

Two partners in the development did not return calls seeking comment.

The company, Towers of Channelside LLC, based in Plant City, listed debt between $50 million and $100 million and assets of between $100 million and $500 million, in Chapter 11 documents.

"Wachovia has refused to allow the debtor to draw the remaining amounts available under the Wachovia loan," the company said in court papers. Wachovia is owed about $58 million, according to court documents.

The 20 largest unsecured creditors are owed $11.6 million. Of those, the three biggest are CT Towers LLC, owed $6.2 million; Batson-Cook Co., owed $3 million; and Kevin Brodsky, owed $1.2 million.

If all buyers with contracts had closed, all creditors would have been paid, the developer said in its filing.

Tampa Realtor Toni Everett said she wasn't surprised by the news and had heard that some buyers weren't able to close.

Everett said she is representing some clients who bought units and are now trying to sell. She said she had been inside of one of the towers Friday morning and that most of the units seemed complete. She said she thought the developers were just putting finishing touches on some units, such as paint.

At the peak of the housing boom, more than two dozen condominiums were planned for in and around downtown Tampa. A handful of the condos have opened and some other developers have either stalled or canceled projects.

Everett said she had been concerned about the flood of condo developments in the Channel District and wondered whether there would be enough buyers to fill the units. Condos that she's selling in other areas of downtown are doing better, she said.

"I've been through other downturns," she said. "This is my fourth downturn. I saw what was going to happen down there."

Information from Bloomberg News was used in this report. Reporter Shannon Behnken can be reached at sbehnken@tampatrib.com or (813) 259-7804.