I think I'd find a day to paint that wall, just for living with -- even a layer of the inevitable primer, until you decide what color to go with. The drama is a bit overwhelming.

If you're not going to shift the TV to the left wall, then I guess the black walls could take cool abstract art. Or you could put a nice floor lamp behind the chair on the left, and something to balance (a plant, or a narrow chest) on the right -- could even be a stack of toy bins to help clear the place out at night. :)

following

You might consider moving the chair (and footstool both) to set on the corner of the rug and, at least for as long as you need toy storage, add a pair of cabinets or furnishings for that purpose on each side of the fireplace.

With a few floating shelves above, a pair of rectangle storage ottomans

https://www.google.com/search?q=images+rectangle+storage+ottomans+as+toy+boxes&client=firefox-b-1-d&source=lnms&tbm=isch&sa=X&ved=2ahUKEwjSlbOzjIzpAhXEl-AKHbijCZ0Q_AUoAnoECAwQBA&biw=1348&bih=648#imgrc=u6tQ4rGRVboOYM

could mimic this idea:

https://www.pinterest.com/pin/555350197793236827/

Be careful to choose a quality vinyl that is easily cleanable as well as a comfortable seat/nap space and do choose storage ottoman with lids that will stay up (rather than come crashing down on little fingers) -- there is hinge/hardware for that.

Could we please see more of this room in order to make the best suggestions?

Absolutely!

Are the two sofas the same length?

Yes, they are the same length

open shelving, or a few cabs w/open shelving about it

or maybe some benches w/hinged tops for toys?

Love all of these! I think we are moving towards adding cabinets to each side. The family photos will be moved to a different wall and I want to add some nice art work above the couch, I am trying to convince the husband to paint because the wall colors are awful to me and making it hard to really see my vision. Trying to figure out the kind of cabinets now are the next step! :)

I actually love the dark blue. (black or dark charcoal would look nice too) , but the other walls I would paint in white.

if you do white cabs w/the open shelving, the dark background will offer some nice contrast w/the two.

If you don't like the blue, then try the black or even a dark tone that matches your stone fireplace

btw, here is a similar stone color on this fireplace w/a darker tan wall/white cabinets, and a soft gray on the other walls.

one with a very dark charcoal background and a lighter warm gray wall

you could also consider wood cabinets,

or white cabs, wood top, and wood shelving

please consider changing your mantle on any of these. try the beam mantles above, or one like this (except take it all the way across your stone)

much better than what's currently there

Love the ideas! Thank you! The paint colors look lovely and neutral/modern. This was the color of previous owner and we moved in a year ago and haven't had a chance to figure out colors and paint! I'm looking at getting white modern farmhouse cabinets, we would love custom ones but I think for now we will have to buy ones from somewhere and do wood shelves above. I found these on Wayfair, I wish it was a little wider but it seems like it would look nice?

500 each ? I think for 1k, you could prob have a handyman or carpenter come in and build you something very simple for that price. You would do your own painting. This way, it fits perfectly.

(maybe look for a remnant stone piece or marble to go on top. craigslist might have some, or go stop by a fabricators warehouse. they often trash small pieces in the sizes you would need for those cabinet tops)

But if you like those, they could work. what size is your space and what size is that cab?

check out some of the DIY ones

have you seen this one? (yours is smaller so it would be a bit easier. she gives you full details

https://thediyplaybook.com/white-built-ins-around-the-fireplace/

https://thesweetestdigs.com/the-living-room-a-fireplace-built-in/

Ikea Hacks have a few w/the Billy bookcases

http://www.iheartorganizing.com/2015/05/diy-fireplace-built-in-tutorial.html

you could look for simple base cabinets, build a platform for them and paint

I am going to reach out to some handymen and see how much custom cabinets/shelving would cost. I didnt even think about that honestly, I just assumed it would cost more! I found another cabinet at Kirklands I like for $360. The cabinet I posted previously is 47" wide and the space is 50.5" so there would be some space left. Here is the cabinet from Kirklands just so you can see it! Custom cabinets/shelving looks nice and is something I would like, but I also like the idea of having something different or unique as well!

I LOVE this look. Art and some added storage below.

So functional and artsy!

That is beautiful and I am open to doing this as well! :)

You have so many spots for that TV why on earth so high and above the FP You could even wall mount it on one side and a pices of art on the other side of the FP. I certainly do not see this as space for sistressed furniture finish and please lower yor at it shoild be just a bove the back of the sofa but IMO that is the other spot tou scould hang the TV and even do Besta from Ikea with some storage and display .

We like the TV there because of how our couches are set up and you can see the TV when you are in the kitchen or sitting at the island. Disregard those pictures on the wall- they will be moved I want something else to go over that couch like a piece of artwork or something and the pictures will go on a different wall. We have the modern farmhouse look in the rest of the downstairs..while the couch is more modern the rug has a farmhouse feel so I am trying to do a little bit of both. It may not be what other people think of as modern farmhouse but I am not at all an interior decorator and am just trying to do my best to make my house look nice within our budget

We bought the cabinets and I'm pleased with how it looks. Now I need help with what to put on top of the cabinets and on the walls. Painting will happen this summer, cannot wait to get rid of the beige walls. Any ideas of what to do with the walls and decor ideas? Vibe is modern farmhouse, thank you so much 😀