Good Afternoon!

Without additional information and pictures of your house it is hard to say. However, I would look at what the designs do the space.

Option 1:

-It brings your eye up and will most likely make the space feel larger

-Creates a real opportunity for the fireplace material to be a focal point

-Looks like there is a small mantle (ask yourself how do you use your mantle. This design seem more minimal so you most likely want to have minimal decor there.)

-Has a contemporary feel

-It has a smaller footprint and allows more space in the room (Is this needed? look at the furniture that will go in the space.

-The floating hearth may be a space for minimal decor as well.

Option 2:

-It has a a more grounded feel. It will bring your eye down with the large base.

-Would need to have a real thought with the materials. Do you want them to vary between the wider area and the vertical shaft.

-Much more wood storage (I am assuming from your inspiration pictures those side cut outs are for those. )

-Although the lines are contemporary the overall shape has a more traditional feel.

-Takes up more floor space. What is going in front of this?

-Has more mantel space. Is this a good thing or a bad thing for the way you live?

I would think about about the functionality of each one and how you would use them. In addition, look at the rest of your home and see which one you think is better for your space.

Hope that helps!

-Cosa Belle Interiors