how about a cabinet that fits in that dimension

how about floating shelves with a bench for a little reading nook?

Wallpaper and shelving would work in that space.

Am armoire or a book case to fill the space. I would rather see something there with doors for storage. Open shelving has to be dusted and can get cluttered and be hard to decorate. Just measured our furniture piece that we have had about three years, It is a piece of furniture with two doors at the top and two drawers at the bottom. It measures about 62 inches tall by 40 inches wide.
The inside of the doors has shelves and can be taken out and a 32 inch TV or a 36 inch TV will fit..(which is what we did) The metal plaque inside the drawer says DAVIS INTL Something like this would work for you. We bought ours at Nebraska Furniture Mart and I know there are NFM stores in Kansas City and Texas. A fireplace would be nice also...depends on where you live.

I love the idea of an electric fireplace there.

I like the idea of a FP but the couch isn’t even facing in that direction. So if you want to rearrange the entire space I think that’s a great option. If not , I’d go with some wallpaper and a small bench

I'd do built in shelving. Enclosed cabinets on the bottom for storage, and open shelves above for books, plants, or decorative items. Or use it as a bar area, with glasses on the shelves. To me, it looks like an odd place for a fireplace.

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You could make it a little bar or other beverage center. Otherwise, shelves above a cabinet seems right. Would you even use a fireplace? the rattan makes me think you're think you'e someplace a bit warm...