49-year-old suspect fatally shot by Milwaukee police officers near Reservoir and Vel. R. Phillips

MILWAUKEE (CBS 58) -- A 49-year-old suspect is dead after an officer-involved shooting near West Reservoir Avenue and Vel. R. Phillips Avenue in Milwaukee. 

Milwaukee police said it happened around 11:08 p.m. Saturday, Feb. 29. 

Police said two officers, ages 23 and 27, were involved in the shooting. Both have two years of service and have now been placed on administrative leave.

The suspect fatally shot was a 49-year-old man, according to police.

Neighbors said they heard multiple shots around 11 p.m. Saturday and police quickly arrived on scene. Multiple bullets struck the glass windows at Lounge 340, which is on the corner of West Reservoir and Vel. R. Phillips avenues.

The lounge celebrated its one-year anniversary being in the neighborhood on Saturday night.

"It looked like they were set to have a nice celebration yesterday, and then, to have it end this way is really -- it's incredibly unfortunate," said Robin Miller, who lives nearby.

People who live nearby said the lounge was recently remodeled and has been a good neighbor to them.

"The owners have reached out to the residents in this area. They very much want to have a good relationship with us, which I appreciate," Miller said.

Authorities said the Waukesha Police Department and Wisconsin Department of Justice are handling the investigation. 

The suspect and the officers have not been identified.