Do you need the table & chairs?

I think a larger island with stools on the balcony side would be a nice improvement.

This would be especially effective if you can eliminate the shallow closet in front of the chimney.

If you could turn your table into a banquette seating arrangement, you'd gain some valuable space for a larger island. Here's one possible layout that allows for most of the things on your list.

The biggest potential negative is making your pantry 12" or 13" deep instead of 37"--but as you already mentioned, 37" is way more than you need in a pantry and shallower shelves can be more efficient. The other negative is that the sink and cooktop are even more back-to-back than in your current layout. This wouldn't bother me a bit, but it would drive some people nuts. You could flip the sink and DW back, but I preferred it this way when I tried both.

You gain tons of counter space, on both the island and the perimeter. You could add a prep sink around the corner near the ovens. I'm assuming that you can't put a sink in the island, because terrazzo floors tend to be on slabs and tearing up the slab would mean ruining the floor you want to keep. Putting the MW under the counter in the island frees up a lot of counter space, and its location there is close to both your prep areas and the fridge--places where things that go in the MW come from.

You have room for a huge fridge, if you'd like. You gain a broom closet in this plan. I wasn't sure if you needed one since you don't currently have one in the kitchen and you didn't mention it, but it seemed like a good use of that space.

You gain some island seating, too. You don't mention that as a goal, and if you don't want stools, you could have more storage cabinets or drawers on that side.

Thanks for the comments! Youre already prompting me to think in new ways about this.

rob_p, your Q about the need for a table and chairs is a great one. Weve waffled back and forth on that. The first KD we talked to (at a cabinet store) suggested eliminating the eating area altogether and putting in a huge, 2-level island (105 inches, with cooktop and prep sink, and seating on stools). It looked really good, but we werent sure whether wed like sitting in a row, facing away from each other and the yard/balcony

holligator, your proposed layout is intriguing (thanks for putting such thought and work into this!) We had thought of replacing our oval table with a smaller round or square one (seating for 4 is plenty and we currently could seat 6), but the banquette looks even more space-efficient.

Id never thought about putting the pantry where youve put it. We currently have the control panel for a whole-house radio/intercom system there (right above the little "desk") but maybe that could be moved. As for it being only 12-13" deep, weve been spoiled by having the huge, deep "pantry" (former washer/dryer closet) and weve taken to "buying big" (e.g, Costco-sized boxes of cereal; even those giant packages of toilet paper end up on the top shelves of the pantry). Im reluctant to give up some of that, but DH keeps reminding me that there will have to be trade-offs in order to achieve other goals (e.g., counter space). Id completely forgotten about the need for a broom closet, because that stuff is currently in the pantry too.

The island seating is very nice. We have no overhang on the island now, but we still have a couple of stools there. We had thought of leaving our island as deep as it is, but

As for whether we can put a prep sink in the island, were getting conflicting answers from GCs whove come out to look at the job. E.g., one says "no problem" hed just open up the ceiling in the basement below the kitchen. Another says " no way" and says that even to move the sink to the other appliance wall (where we currently have the fridge) would require building out the wall 4" and going around the perimeter of the room. The easiest place to put another sink would be in our current pantry, because the laundry hookups are already there. But that seems like a rather odd location

Wed thought about putting the fridge where youve put it, but DH worried that it would be too far away from counter space needed when loading and unloading things. Do you think it would be possible to extend the island even farther in that directionperhaps by angling it?