How do you see it functioning?

We’d like to have a living space where we can hang out and watch sports. We’d also like a bedroom and bathroom for sure because our oldest will be living in the bedroom down here. A space for a small office area would also be great!

There are headers, columns and mechanicals that need to be dealt with. You would need to post a much more detailed floor plan showing all the dimensions, positions and heights of these things.

You will need to seek out an architect. He/she can start with the process of walls and incorporating the columns into walls to help create spaces. Once you have an initial plan, then post it here and you will get tons of help...