Scarborough Borough Council has called in the police after finance plans for a £22m development were leaked.
North Yorkshire Police were called after confidential details of a development were published online.
The council is borrowing £22m to fund the development of 150 flats for Coventry University students and 50 NHS nurses on the site of a former Argos store.
The council’s legal director said publication amounted to misconduct in public office and a potential breach of data protection laws.