The Vazgen Theological Academy on the picturesque peninsula of Lake Sevan was renovated in 1990. The Academy was opened during the Pontificate and with the blessing of His Holiness Vazgen I, as well as the Blessed Memory and at the direct initiative of His Holiness Garegin II (now Catholicos of All Armenians) who then was the Vicar of the Ararat Papal Diocese.
Because the opening of the Academy was encouraged and approved by His Holiness Vazgen I, His Holiness Garegin I (Catholicos of All Armenians at the time) in 1994 decided that the Academy should be renamed the Vazgen Theological Academy in honor of His Holiness Vazgen I.
Initially, the Academy was housed in an auxiliary building built in 1897 by the Catholicos of All Armenians Mkrtich I Khrimyan (1892-1907) as a seminary building. However, it has never been used for this purpose.
In the early 1990s, the building served as classrooms and dormitories for seminary students, and part of the building was turned into a dining room. As the number of seminarians increased, the property of the seminary expanded. A stone building was eventually added as a classroom, while the original building was repurposed into a hostel.
Source: Armenian Church, Mother See of Holy Etchmiadzin, armenianchurch.org.