Purchasing a modular wall unit from Target or similar would help a lot and make things look a lot more neat. You can use baskets or any storage bins even plastic if need be.

If you have somebody handy to build a make shift corner seat with cubbies beneath this is another great option and the kids can reach them all.

building a closet with multiple shelves if you want to keep things out of sight ,get a few bins that are open for easy access to toys if you have little ones ,paint the wall in a fun colour if you can .

Check out land of nod. They have great storage solutions and their furniture is a very nice quality.

I have one similar to the one Genevieve showed for my 3 year old and it works great. Got it on Amazon. They also have Commercial ones like the kind they use at daycares which are wonderful!

I suggest getting a dresser with several drawers. Make a drawer for art supplies, one for legos, one for puzzles, etc. Then when they grow out of it you still have a usable piece of furniture.

Thanks everyone!