I would not purchase a house without a tub in the mb and I think a lot of people feel the same, though of course not all.

Recently purchased a home without a tub in the master bath, only a shower. Didn't think twice about it. There is a tub in the hall bath.

If I had no plans of moving any time soon, I'd put in what made me happy - life is short. But if the question is: Would you buy a house without a bathtub in the master bath ? ... My answer is yes I would, that wouldn't be the deal breaker for me; but it absolutely was for my daughter when she bought hers. I totally agree with Maureen, lose the tub for something great, no hampers.

As many other people have said in past posts about this subject, if you really think you are going to stay in this home for many years, do whatever you want. If that is questionable, then ask a local realtors for advice.
Also inquire with your plumber about what you will do with the drains and pipes when you remove the tub. i.e. Is there a way to leave them accessible for the future.
We remodeled and tossed around many ideas of what to do with a useless large tub. In the end we put in a new smaller tub and left our existing tub and shower plumbing as is/was to save money. It looked great when done, well balanced and complete, in my opinion. We sold our house a year later suddenly.
Our neighbor had a similar bathroom, took out the tub altogether , putting in a bench with storage where the tub had been under a large window. They never doubted their plans and it worked well for them.

We believe we are limited on what could go in the space if we don't put a tub back in there. My wife thought she'd like some built in hampers and some storage but she's not sure how practical it would be and if it will work. We've decided on a design and it would be a radical change to what we have now but it will work.

Here are some photos of the current bathroom:

The wall to the left of the toilet will come out and one of the vanities will go in its place.

Here's the tub that we don't know what to do with the space.

The shower will come out and go on the opposite side of the room where the vanities are now (where this photo is taken from) and a second vanity will go in place of the shower.

Here's a picture that I downloaded from Houzz, or Zillow, of what the new layout will be like. Our square footage, I believe, is a little more than what's pictured. The windows are little higher up from the floor and may be a little smaller.

Any ideas of what could go in the space of the tub, if we decide to not put one in, I am open to your thoughts. Thanks in advance!

I would include a tub since if seems you have the space and maybe go with a free standing one vs a built in. When I replied the first time suggesting not bothering with a tub, I didn't realize how large room was and that you would be replacing with a hamper or dressing table. You may be surprised after your bathroom becomes an oasis that a tub may be used.

You could do a bench with storage underneath. I'd be tempted to put in a freestanding tub, which might entice you into using it. But I think for resale, as long as there's a tub in the house (for the kids), most people don't care if there's one in the master bathroom anymore.

You mentioned you are doing a sink where the shower is. They make some beautiful integrated units that could run that whole back wall if the tub was gone. It could be a sink, small vanity and storage unit. But i think the key is integration so it doesn't look like an afterthought. So the sink could under the window and the shower area wall could be a vertical storage area ... with a HAMPER at the bottom. lol. This will give you an idea. Just a thought. Sounds like a plumber is involved already anyway. :)