It would be easier to comment if we could see more of the room.

Any inexpensive way to redo this area would be to paint the fireplace white. Also getting a new fireplace screen will not only lighten the space up but provide it with some style :)
Best of luck!

It depends on how much you like brick. texturing it with white paint to lighten it a bit is ideal, you can cover and build out as much as you like. Here's more ideas.

Thank you all for the advice! Here are some additional pictures of the room, and the more I thought about it the more I am open to other ideas, even removing of the bricks! Oh, and the furniture that is currently in the room will be replaced at some point, going for a more modern and contemporary space!

The layout of the brick is very mid century modern. If you want to have a contemporary result, (though I often recommend washed brick - it is more of a cottage look) give the scale of your room and what you want to achieve, lets get some earthy gray green undertone paint on the whole wall of shelves and brick, and a piece of modern art in the center.

I would paint the brick with ben moore's paris rain
http://www.benjaminmoore.com/en-us/paint-color/parisrain
and the bookcases and upper wall as well. Take th brass insert outside and use high heat black spray paint on it (or mask well and do it in place before painting wall and brick)

Consider stucco over the brick, or even tiling over.