Police responded to the 800 block of 16th Avenue at about 2 a.m. after receiving a 911 call. Upon arrival they found a 37-year-old man with a gunshot wound to the chest.
He was taken to Harborview Medical Center with life-threatening injuries.
While interviewing witnesses, police learned a red Corvette was seen driving away from the shooting scene.
Gang Unit detectives searched the area and found a red Corvette parked just two blocks away. The car was impounded to the processing room for an investigatory hold, according to police.
On Thursday morning, detectives arrested a 36-year-old man in the Central District. The man, who has not been identified, was booked into King County Jail on suspicion of felony assault.
Police have not released a motive in the shooting, and they say it remains and active investigation.
Wednesday's shooting was just the latest in a string of violent incidents in the same neighborhood, only a few blocks away from the Seattle University campus.
On Monday morning, 19-year-old walked to Swedish Hospital for treatment after someone shot him in the leg. Later that evening, a handful of people found their cars all shot up. The shooter also opened fire at a house and business.
And last week, a Seattle University student had to hit a panic button on campus after three people beat and stabbed him.
Police found two of the suspects in that incident - teenagers - hiding nearby. A short time later, a police dog found the third suspect, a man in his 20s, hiding in a maintenance yard.
Investigations continue into all the incidents.