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In 1946, East York voted to establish a public library. S. Walter Stewart was the first chairman of the Township of East York Library Board, and the namesake of this branch.
A residence was purchased in 1948 for the library. It opened in 1950 after renovations were complete by architect H.E. Witmer. By 1955, the residence was considered inadequate for the library and plans were made to build a central library to replace it.
The location for the library was chosen in 1958 and the building opened in August 1960. It was named after S. Walter Stewart, for his work as part of the East York Public Library Board and as a library advocate.
At the time of its opening, it was one of four circular libraries in the world. Designed by Parrot, Tambling, and Wibtmer, the circular shape had a 120-foot circumference and the building included 24,000 square feet of space.
A punlic art sculpture outside the library was designed by Toronto sculptore, Gerald Gladstone. The work consits of two 35-foot tall concrete columns with bronze pieces on the top. A reflecting pond at the bottom of the sculpture has since been filled in.
In 1969, S. Walter Stewart doanted nine A.Y. Jackson paintings to the library, Reeve R.M. Leslie donated two Jackson paintings, and Dorothyt Ashbridge (East York's first librarian) donated one. These paintings remain at the branch.
The branch closed for renovations by architects Phillip H. Carter and Ellen Vera Allen in 2006 and re-opened in 2008. This renovation added a glass entrance off the eastern side of the building, raised a centre section of the roof, and enlarged the basement area. Interior design of this renovation, which saw the interior gutted, was done by Sheilagh Fletcher Design Inc.