Maybe you bought the wrong house? The ceiling is coffered, those aren't "beams".

If you don't need or want built ins, you can certainly rip them out. They aren't great, especially since they should have met the ceiling with contiguous crown . The doors are not great in the background.

What is the ceiling height in the room....the coffers do look a bit heavy in the picture, but I never love a two tone effect , so perhaps the painted area isn't helping.. What is the other flooring I see? Tile?

Why don't you show more of the house - other rooms, and a few ispos of what you love in style? Not just fire walls.....in general.

The fire wall is ONE element in your home, and one element in this room. Show the rest of this living floor. Dining, family , foyer etc

The furniture and rug in the picture aren't modern, so I'm not sure where you're going with this. Do you have any inspiration pics?

The "beams" are not going to be dealt with easily so unless you have big bucks forget those. I do not like shelving filled with stuff just to fill the shelves . The first thing I would do is lose that horrible light.Then I need to know what you mean by modern. I see doors that are not, the cabinets on either side of the FP not and from what I can see of the furniture not modern either .I agree we need pics of the whole house you do not do one space without doing the rest . Post the new pics here in comments DO NOT start another post . Is this the only space for a TV?

If going in the more modern direction, it could benefit you to look at modern living room designs with fireplaces. The only things that look like they need to be updated in this space though is the fan and furniture. The rest of the space seems great.

The A-Frame · More Info

Below are a few different fireplace designs we have done for some of our clients. Note the fireplace itself, storage, decor, and furniture.

Charming Chappaqua Home · More Info

Charming Chappaqua Home · More Info

Hudson River Views · More Info