CPD was notified of the shots fired just after 3:15 a.m. in the 1400-block of North Wells Street, law enforcement officials said.
It appears the bullets pierced doors and windows near the entrances of the Old Town Pour House and Old Jerusalem restaurants.
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The restaurants were closed, and no injuries are reported.
There was also a bullet trapped inside the glass at K. Stonehill Creations jewelry store.
Old Town residents said they heard at least a dozen gunshots in the middle of the night.
A source close to the investigation said people in two cars were shooting at each other on Wells.
The gunshots woke many out of bed.
"I heard a round of eight shots, and then a few minutes later I heard another round of three or four. It was terrifying. Yeah very scary," Maitlin Raycroft said. "I mean my room is right there. My window is right there, so I can't even imagine; I don't even want to think about it. I'm just really glad that no one was hurt."
A source close to the investigation said police have pod camera video of two vehicles, one white and one red, chasing each other down Wells in what appears to be a shootout.
Sean Hipskind heard the gunfire, calling it deeply disturbing.
"These small business owners have been through a lot through the entire pandemic, and, you know, this is just another thing to add to it," Hipskind said. "It just creates less confidence for what should be a nice community spot for a lot of people, and it's upsetting."
No one is in custody in connection with the incident.