The 39-year-old man was found in the 400 block of City Avenue, on the Lower Merion Twp. side, around 11 p.m. Sunday.
Sources say the man had been shot three times twice in the chest and once in the back.
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The victim has a North Philadelphia address, but police are waiting for family notification to be made before his name is released.
The D.A.'s office did not disclose where investigators believe the man was shot, nor have they said how they believe the man got to the City Ave. location.
Sources say a working theory is that the victim was shot elsewhere and dumped there.
Lower Merion officers who happened to be driving by spotted the body in the construction area by City and Cardinal avenues, sources said.
Philadelphia police responded to a shooting around the same time at 56th Street and Lansdowne Avenue, which is about two miles away. However, investigators don't think the two cases are related.
The man was not connected to the university, both the Montgomery County District Attorney's Office and school officials said.
"An alert was sent to students letting them know about the investigation in the area," university officials added.
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Investigators had a tent set up along the street with numerous evidence markers along the side of the road.
Part of City Avenue was closed into early Monday for the investigation but it has since reopened.