For budget reasons, we couldn't move the fireplace but with the use of some well-placed built-ins we could help alleviate the problem. We achieved this by designing a bar area on the left part of the wall (which happened to be conveniently located near the kitchen). The bar was completed with a wine fridge, cabinetry, open shelving for wine glass storage and topped with a black granite countertop.
With the remainder of the wall, we added custom, counter height built-ins to either side of the fireplace to store kid's toys and home theater equipment. The fireplace then felt centered in the remaining space and became the focal point of the room. It was refaced with black granite, a beadboard and white trim surround and a flat screen tv was mounted above.
As you can see from the floorplan below, the changes on that wall enabled us to center the seating arrangement around the fireplace, creating a cohesive and visually balanced room.