The victim, 60-year-old Ronald Felton, was crossing the street when someone came up from behind and shot him, police said.
The first responding sergeant got to the scene in "about a minute", Tampa police spokesman Steve Hegarty said.
"The suspect is described as a black male, 6′ to 6′ 2" tall and has a thin build and a light complexion.
The shooting death comes weeks after three people were fatally shot in 10 days within a 1-mile radius.
There is a massive police presence in the area searching for the suspect.
Police did not immediately say whether or not they believed that the latest shooting was connected to the previous three murders, but said that they were treating it as such until they could prove differently.
Last week, Seminole Heights residents returned to some normalcy following last month's murders with a "Taste of the Heights" celebration.
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Dugan also asks every gun owner to verify their gun is still inside their home. "If it's not, we need you to call us". Nebraska Avenue is closed in both directions between Hillsborough Avenue and Osborne Avenue.
Police are on scene where a body was found just before 5 a.m. on Tuesday near N. Nebraska Avenue and E. McBerry Street.
The earlier murders began on October 9, when Benjamin Mitchell, 22, was shot while waiting for a bus.
Benjamin Mitchell, 22, was killed Oct. 9; Monica Hoffa, 32, was killed in a vacant lot Oct. 11; and Anthony Naiboa, 20, was shot and killed Oct. 19. Tampa police said the took the wrong bus home when he was shot to death.
Dugan said based on the preliminary investigation, he is comfortable to say this is related to last month's trio of unsolved murders, until new information proves otherwise.
There remains a $41,000 reward for anyone with information leading to the arrest and conviction of the October killings.
This is a breaking news story.