I forgot to attach the fireplace door

I really like the above picture with the tv off to the side. No tv over the fireplace - too high!

Ok heres what I think you should do! So put up a real thick wood mantle, add shelves left and right. And paint it, your favoriye colour, get rid of the ugly white! The shelves should be wood!

Stone veneer is hokey. Let me cover it in metal:

http://www.ryanolivieri.com/metal_zrs.php

http://www.ryanolivieri.com/metal_cbt.php

Thanks for the suggestions. @Cor I agree with the TV being too high. As for the stone, it is the last option for me. I don't want rustic nor industrial and I don't want to take the stone all the way up the wall. @Cindy I am working with a husband who believes things can be done on the fly and we are building it ourselves. I am trying to make the best of a bad situation and keep my marriage. I am looking at adding a console on either side and then possibly adding art or large family portraits (sitting on the consoles). I will be looking for something to sit over top on either side.

@mjkjrobinson the white is primer, but when you say the shelf should be wood, do you mean the face of the existing area where the vent is covered or the flat ledge area above the vent? If it is the face of the "vent" the wood trim in the room is white, are suggesting to paint it or stain the area after adding wood?

My style is transitional and I have been trying to find pictures of an arched opening with porcelain but can't seem to find one.

@Desa Design Studio I do like the idea of putting a wall covering as a backdrop on the walls. This would allow me to change it later if I get tired of it and the consoles can be placed in front of it. I would need to look into the cost of having "doors" built in to close. If this was done what would you suggest for the fire place surround other than the house stone?

With having a more transitional style I would scratch the Murphy Door direction. I do like the idea of the cabinets/consoles on either side with a wall covering. What about incorporating arched mirrors as an alternative to the arched artwork. Something similar to this:

This is a fairly common style that come in both traditional glass and antiqued mirror. You could then layer some accessories such as your family photos, small plants, sculptures, etc.

I would recommend changing up the stone selection from what is on the exterior of your home to make this area feel more unique should you chose to go in that direction. An alternate to a full stone facade could be something similar to this:

Here's an option showing stone at the fireplace surround:

You could also wrap panel horizontally similar to this (you could stain/paint whatever color works best for your design):

Or you could go full stone facade, which there are tons to chose from and I don't know what the exterior selection is. Hopefully some of these ideas inspire some directional thoughts for you!

Thank you for your time and response @Desa Design Studio I really like the second picture and so does my husband. It fits my style and is attractive to the eye without being over done. What would you suggest I do with the vents running to the left and right - dividing the areas on each side? Paint them the same color, trim them in wood and paint them... I do thank you for your suggestions so far. I can sleep better tonight knowing I have a huge start on this area.