If done well, possibly an antiqued finish on just the backs?

https://www.potterybarn.com/products/markle-antique-glass-floor-mirror

you could do a really thick wood mantle -- thick enough to cover those vents at the top. for the bottom, I'd paint the vents matte grey (matched to the color of the stone) and put planters, vases, or clusters of fat candles on each side to mask them.

Id get rid of the hearth, it dates the fireplace and it takes up a lot of floor space. If youre looking for a fresh updated, modern fireplace the hearth should go. I like your ideas for the shelves and I like the idea of black. Id get rid of that stone and either do a large format tile or maybe even a slab. If youre going to put the time and energy into the project, make it count. good luck. post what you end up with.

It is tough, because there are four. Maybe a noncombustible surround.

I thought a mantle might work but it would be over 5' from the floor. We have 8' ceilings. I don't think an extra large surround will work as we are looking for a more modern, simple style.

The hearth does take up floor space and my husband and I leaning toward removing it and covering the stone. There aren't many ways we can deal with the vents. We were thinking of stacked stone as a replacement, but that has been around for some time though it still seems to be popular. Is it on its way out now? Is tile or a slab becoming more popular now? I was thinking of something like this with black solid panel cabinets but are open to suggestions.

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What about stainless steel for the surround, vents, mirrored trim etc.?

Not often that I say 'beautiful stone around your fireplace' but in this instance it is true. I love it. Can you remove the hearth without damage to the stone? If not, I say leave it and I like your slate idea. Who ares if it looks dated? It just means that when hearths become trendy again you will be ahead of the curve.

I like your floating shelf idea. I think black would dwarf the color of the stones. You want a color that complements and doesn't compete with the stone. I would try to paint the small four boxes the same color as the stone.

I would get rid of the rock and the hearth and embrace the more modern look you prefer. I have seen some beautiful plaster concrete look fireplaces on here (or large-format tile or corten steel). You will so appreciate how removing the raised hearth opens up the room- plus if you ever have little kids around you will have removed a hazard.

I agree that the shelving units are confusing. I guess they’re mirror-backed? The mirrors seem extremely dated to me - the most old fashioned feature of the wall.

Decide what you want to call attention to: the fireplace or the shelving and decor. Personally, I’d remove the shelving altogether, then sheetrock and paint.

Then spend your $$$ on a sleek new fireplace/surround/mantel. And remove the hearth as you mentioned.

I don't think the stone or the hearth look dated at all. that mid century brick has been really trendy for quite some time now. the brass insert and glass/mirror shelves are very dated, and the vents are weird, but the stone itself if coveted by MCM enthusiasts.

of course, the big challenge is how to mask the vents.

if you're at all considering of restoring rather than replacing, one way is to have a mason weave stones in, and then maybe paint it all white, or whitewash. I think something like this would look fine w/o a mantle:

Stone is fantastic, keep it. If removing the hearth results in too much repair work to the flooring, then lower it and replace the top with some slate or something that will blend in with the stone.

Use the stone that you removed, top three or five rows likely, to repair the front of the fireplace and patch up those vents if they are no longer needed.

Once you've removed the mirrors, you'll be able to decide next steps.

My initial idea was to keep it simple: keep the stone and remove the hearth. Unfortunately there are bricks running from the level of the hearth down to the floor. We are going resurface the stone with tile or slab and remove the hearth. The fireplace is the focal point of the room. The shelving should highlight it.

I agree. The mirrored units are really dated and are going to be removed. Sorry about the photo. I tried to get another shot of one of them, but it was just as confusing with all the reflections. The entire interior of each shelf is mirrored--back, sides and front (interior) as there is a 4" frame at the front. The exterior frame around the shelving units and above the stone is also mirrored.

Here's the gas insert we're getting. The surround is black but will be customized to fit the space. Tile/slab examples that I like. For cabinets below floating shelves, I'm considering this style in black matte.

In black with no hardware for cabinets below the floating shelves.

I think when you remove the hearth, you can use those stones to finish off the front of the fireplace from the floor up.