That is not stacked stone but a nice 50S original FP . You can paint it I do that often but I need to see your space and also I think theose large concrete gabs will make the paing finish look bad I would remove the stone mantel and add a nice wood one quite thick and then a great piece of art above the mantelWhat you have is a great example of 50s brickwork this first pic is also a gret example of 50S fireplace front

This one is an example of stacked stone which IMO is already a dated look

I’m also in the ‘keep it its great’ camp. Too nice to paint.

Fireplace is gorgeous, the paneling is not. Add a fireplace door to update it. Please don't put a TV over it, that will cheapen the whole look and is simply too tall to be practical. TV's really do not belong above fireplaces unless the mantle is not code compliant and extremely low. No one wants to look up at a TV.

Right now the fireplace is missing support, it is TOO focal. It needs some encouragement from decor and finish selection of the surrounding architecture. Stone is truly beautiful and still very hip in style.

I agree with Rabbit Design. Work with it; it has potential. A new thick wood mantle with a good painting or other art piece over it will be great. I’m not a fan on TVs over fireplaces, for reasons listed in above comments, and also…it’s a little tacky…just MHO.

Oh, I agree on the paneling! I really don’t like it and plan to change it. I don’t want to the TV above the fireplace but my husband does. But I’ll have the final ‘say’. 😀

It looks like those gas logs are open to the room. this means you will never get rid of the soot. I would replace them with a gas fireplace insert, its much safer since its sealed, cheaper to operate, will warm your home, and not put more soot on your stone. You can pick a front that compliments your home. i believe your stone is sandstone, and can be cleaned successfully, but i do not have that knowledge. suggest joining some mid century enthusiasts groups on FB, lots of expertise there if you dont get a confirmation here. Best of luck.

I think you need a chunky wood mantle. The fireplace would look 100% more modern if you could get rid of the bulky raised hearth.