A long-awaited gathering place for University of Vermont graduates is another step closer to reality after a groundbreaking ceremony for the Alumni House on Saturday morning.

The university’s first Alumni House, located at 61 Summit St., will open in the fall of 2015 after undergoing extensive renovations, including an added pavilion to be used for university and community events.

“This Alumni House project truly has been a university-wide source of excitement for us since we first acquired the Delta Psi fraternity House, originally the Edward Wells House, back in 2007,’’ UVM President Tom Sullivan told a crowd assembled for the groundbreaking Saturday morning. “Not only will it be the long hoped-for venue for alumni events and the day-to-day operations of the Alumni Association, but it is expected to be a popular spot for community gatherings such as wedding receptions and other private functions.”

The Alumni House is the first in a series of renovation and construction projects expected to transform the UVM campus. On the nearby Central Campus, there is a planned renovation of the historic Billings Library as well as two other major initiatives—the $104 million STEM Complex that will add classrooms, labs and research space. Meanwhile, a new residence hall will be built near the old “shoebox” dorms, which are slated for demolition in May of 2015.

The renovated Queen Anne-style mansion on Summit Street will serve as a headquarters and meeting place on campus for UVM alumni. There are now more than 105,000 UVM graduates living across the country and around the world.

The building project, funded entirely by an ongoing fundraising campaign, will cost $11.2 million. The facility will total 23,000 square feet.

More than 500 donors have contributed nearly $6 million to the effort thus far. The new pavilion was funded by a $2 million gift from UVM graduate Jack Silver, class of 1964, earlier this year.

“As alums, we look forward to spending time here when we return to campus with our families and classmates, whether it’s for social gatherings or Alumni Association business functions and ceremonial events,’’ said Kristina M. Pisanelli, who noted that numerous past presidents of the Alumni Association were in the audience Saturday.

“I want to stress that Alumni House will be more than just a familiar haunt when we’re back for Reunions and Homecomings and Family Weekends,” said Pisanelli, a class of 1997 graduate. “This facility will also very much be ‘open for business,’ generating revenue that will be reinvested to make our Alumni Association an even stronger one as we continue to contribute to the life of the campus—engaging alumni, students, faculty, staff and the community in Alumni Association activities and events.’’

Other important facts about the Alumni House include:

• From 1892 to 1919, the house was the home of Edward Wells, a prominent Burlington businessman, and his family.

• UVM’s Delta Psi fraternity owned the building from 1924 until 2003.

• The building is on the National Registrar of Historic Places.

• Bread Loaf Corporation of Middlebury is handling the design and construction for the project.

• Many of the craftsman, architects and construction workers for the project are UVM grads.

• Some of the lumber used for the project has been harvested from UVM’s Jericho Research Forest.