Decor beside fireplace
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An inexpensive route to go would be to start with ikea billy bookcases and trim them out to look like built ins....you could house your electronics on the bottom, covered by doors
Is the stuff that is presently in the storage cubes items that you need to access frequently, and items that you use every day? If so, then go the storage route as far as the new decor.
If not, then take the cubes out, put them somewhere else in the home, and go the route of making the fireplace space more of a cozy seating area.
Unless you have a very small living room, I would install bookcases on either side of the fireplace. Books lend a warmth and character to a room that nothing else can. And you can also add in decorative items and do storage too. Nice room, good taste.
Yes, chests would look nice and keep it from looking so busy. If you are handy, built-in's would be best. Or buy prefab cabinets and frame them out.
I like the symmetry you have on this wall now. Perhaps you could remove the small mirrors, replace them with very tall, narrow ones (to bounce around the light in the room) and then put pretty ottomans that are on casters underneath each mirror. That way they can be pulled out into the room for extra seating when entertaining. The ones with lift off lids for storage would be a plus! Another similar idea would be to use medium height mirrors, put matching tables underneath each and then put the extra seating ottomans underneath the tables. Whether you choose to use mirrors or hang art vertically on either side of the fireplace, I would suggest the top be hung within a foot or so of your ceiling to add visual height to the room - or, at minimum, higher than the top of your TV.