This story is developing and will be updated.

Baylor University was put on lockdown Thursday afternoon after a fatal shooting was reported near the campus and a "possible suspect" was seen walking toward the school.

The shooting was reported around 2 p.m. at South Ninth Street and Garrett Avenue in southern Waco, about a mile from campus.

Police said people were gambling in a vacant lot when one man approached on foot and started shooting. One man was struck in the stomach and died after being taken to Baylor Scott & White Medical Center.

Baylor said Waco and university police were conducting a joint search for the gunman, who was described as a black man in his late teens or early 20s with a fade haircut, white tank top and tan shorts.

The university said he was seen with a gold four-door sedan with Texas license plate FWS 7414.

Waco police later said they had located what they believe to be the gunman's car at South Seventh Street and Ivy Avenue, about a half-mile from campus.

Waco police said one man died after being shot in a vacant lot about a mile from the Baylor University campus. (Waco Police Department)

Shortly after the shooting, the school warned students and faculty to seek shelter and stay away from doors and windows. It gave an all-clear announcement around 3:40 p.m.

Waco police said that the shooting was not random and that there was no indication anyone at the university was in danger.

No arrests had been made as of Thursday evening.

Staff writer Julieta Chiquillo contributed to this report.