The shooting happened around 11:05 near the intersection of Chestnut and Harrison Streets.
Neighbors say they heard about a dozen shots ring out.
The victim was rushed to a local hospital where he was last reported in serious condition. He has not yet been identified.
Police say the victim was also found to be in possession of a handgun
Witnesses describe the suspect as a black male standing 6'2"-6'3" tall weighing 260 lbs.
Anyone with information regarding this crime is asked to contact detective Gary Tabor at 302-576-3661.