don't paint the shelves or the mantle.

get a larger wood console..that better fits that space and the TV.

what is the space just above the tv? I don't understand that area? is it a niche with a mirror? a pass through? why do you need it if you have a console?

wall paper or paint the mirrors behind the shelves

replace the mirror over the fireplace with art you love.

get warmer lighting above the wall..

Paint the built-ins the same color as your wall. This will reduce the busy feel, they will recede into the space ,and your fireplace will be the standout part of this wall. I would wall mount the TV and get rid of the black unit beneath. Center the TV on the space between the fireplace and the wall so the TV isn't right up against the fireplace.

After all of this, then see if you want to change the mantle or not. And, I think the mirrors are kind of cool.

Mount the TV on the wall and get a low media unit to better fit the space. Don't get black because right now you've got a "black hole". There's a lot going on on that wall, so I agree that painting all the trim/built-ins the same color as the wall would be better. However, I'd go with a lighter gray/blue so the contrast between the fireplace stone and the wall isn't so stark, and it will coordinate better with the gray tones in your stone.

Something like Benjamin Moore Province Blue:

Or their Slate Blue:

Thank you to everyone who commented. I really like seeing all the ideas on an area that I've struggled with for a while.

Some clarifications-The TV sits in a cut out that goes about 3' back. As it is right now, the TV and stand are almost flush to the edge of the cut out.

If I mount the TV above the fireplace, I see three issues: 1. It won't be centered on the wall as the fireplace isn't centered (lame.) 2. I'll have a giant cut out that I'll have to fill (where the TV and stand are now). 3. The TV may be slightly high if it's above the fireplace. For the record, I'd love to mount the TV above the fireplace but the three issues mentioned above are preventing me from doing it.

I like it the way it is. I like the white trim and the mirrors.

But I agree a wood TV console would be nice and then remove the small decor items and replace them with a few but bold wooden ones.....it'll will really warm and simplify up the space. Here is my concept:

PS I used the console posted by rawketgrl above.

I agree that it looks pretty great as is. The suggestion to add yellow light above the wall would help the "cool" factor a lot. The wall color works well with the finishes, but since blue is cool, that could also have a big impact. A color consultant could help determine if you can go with a warmer (think taupe) on the wall -- that may be limited by the tile on the hearth. I wonder if you could add a piece of natural wood over the existing mantle to extend the width slightly. Also, I like the idea of a piece of art over the mantle. Below I used the rendition from tracefloyd, but inserted a piece of mostly warm-toned art above the mantle -- I like how it grounds it to the mantle, as opposed to the floating rectangle effect. The wood-toned accessories, along with the wood console suggested by rawketgrl, really warm the space.

I think it is your gray wall makes it too cold.

I would replace the mirror with wall art. Declutte mantel.

What tracefloyd said. The rendering is amazing! Good luck!

My be with warmer wall?

or

May be with taupe wall . IMO it works better with FP surround.

The suggested art is beautiful.