The university has ordered a campus-wide "shelter in place" and asked people to stay indoors, in addition to updating their followers on social media sites.
Authorities told the station they thought one suspect might have been inside the Madison College building, but cleared the lockdown a short time later.
Police told Fox 6 that while a suspect is still at large, this is not an "active shooter" situation. Police told the station it was an armed robbery attempt.
From the university website:
7:30 p.m. UWPD is responding to a report of shots fired at 130 Langdon Street. The suspect was last seen heading west on Lakeshore path in the direction of the Lakeshore residence halls. All are asked to shelter in place and stay indoors until the situation is resolved.
Suspect description: A black male wearing black clothing with a black/white baseball cap, black jacket, dark backpack.
More information will be posted as it is available.
This story will be updated as more information becomes available.