For some reason this sprang to mind, like in Back to the Future. Personally, the ticking would drive me nuts, but some kind of cool clock...
https://www.kit-cat.com/products-page/kit-cat-clocks/gentlemen-clocks/black-kit-cat-classic-15-5-high

Need more pics of the room to see what would suit the area

We're renovating so we don't have anything on the walls yet..
There will be a primarily black patterned rug as well.

Lovely room! Looks inviting and serene. Since the wall is centered between the two windows, get a larger painting that covers the "hole". You should have something large above the couch. Looks like you're at the point in renovation to add a rug and artwork. Not sure if you want to add color or keep things monochromatic. However, I do think your curtains are a bit too high above the windows and don't understand why they are on the french doors that lead into another room.

Raising the curtains make the room seem larger. They're above the french doors because that will eventually become a nursery and it's for added privacy. The French doors open into the room so we had to put them on that side.
Any ideas where to get artwork that large? I've been looking around and can't find anything..

What are the dimensions of the wall?

The size of the space on the wall I want to cover is 50"x50" so something within that.

Look at Wayfair or Overstock first to get ideas for artwork. Also, maybe Pier One. I love your console under the TV. Unfortunately, I have to agree with the comment about the curtains on the windows. In order to effectively "make the room look larger," the drapery panels need to be lined. Because they're so thin, you're not "fooling" anyone into thinking the windows or the room is larger. I understand your reasoning for the curtains at the french doors, but they really detract from the charm of the doors. Maybe Roman blinds on the doors themselves would've been better.

Is it possible to move the chaise to the other side of the couch so the couch can be centered on the wall instead of over to the side. It just seems so off balanced this way.

What is the hole in the wall? Can't you patch it?

You can get big art here:

http://www.art.com/gallery/id--d534331/loft-art.htm

http://www.gallerydirect.com/

http://www.greatbigcanvas.com/

maybe carry the drapes across the wall?

how about a circle shaped mirror with small mosaic around it?