Follow CBSMIAMI.COM: Facebook | Twitter

MIAMI (CBSMiami) – A suspect is dead and a Miami-Dade police officer is at Jackson Memorial Hospital after being shot Saturday afternoon.

READ MORE: Jimmy Butler Scores 41, Heat Take Game 1 From Celtics 118-107

The police-involved shooting was reported at around 3 p.m. near Northeast 2nd Avenue and 119th Street, police said.

According to authorities, a man was seen walking down the street holding a shotgun and wearing what appeared to be a bulletproof vest.

Natalia Buiasererh with North Miami police department said, “When Officers arrived on scene in partnership of course with Miami-Dade County they made contact with him, they tried to negotiate with the subject. When negotiations failed, there was an altercation that ensued.”

READ MORE: MDFR Identifies "Voice In The Rubble" Victim

Shots were exchanged and the MDPD officer was injured. Other officers then shot and killed the suspect.

The officer who was shot was taken to Ryder Trauma Center where he continues to be treated.

Freddie Ramirez, Deputy Director with Miami-Dade police department said, “I’m relieved to find out that my officer is in good spirits and good condition thanks to the hard work of the doctors that work here at Ryder hospital.”

Police have yet to release the names of either the officer or the suspect involved in the shooting.

MORE NEWS: Opera Singer, Fashion Designer Radmila Lolly Thrills Miami Heat Fans With Custom-Designed Ball Gowns

Authorities say the officer is recovering and is expected to be OK.