They don't really play by the stairs area and given how empty it is there, that area would be nice to decorate otherwise they whole room just feels too empty

Maybe a chest with a lamp and appropriately sized art. I would hang the canvas elsewhere, perhaps over fireplace with the command hooks.

Unfortunately, this arrangement below would have been a better solution for the room.

One of my friends had a large upholstered ottoman in her family room when her kids were young instead of a coffee table. The wall area between the stairs isn't very large. It looks like a good place for a console table to me, providing the large piece of art is relocated. You only need something 2/3rds to 3/4trs the width of the space. Or maybe a gallery wall with family pictures. While some people are allergic to family pictures in living rooms, I think they're something your children and visitors would enjoy.

The problem that stands out for me is the side view of your TV setup. The exposed wires are taking away from the crisp minimalism of the rest of your decor. For the area by the stairs, I’d look at large comfortable seating that looks good from behind because of the clear panel behind it.

The colors in the painting pull in the warm color of your floor, the black and gray tones of your decor, and the dark brown of the kitchen cabinets. I’d like to see it hung vertically and lower, as Lyn Nielson suggested.

Maybe get 2 or 3 bunching tables to use as a coffee table. They can easily be moved when the kids need more room to play. Put a few non-breakable decorations on them and teach the kids to respect and not touch decorations ... a skill that comes in handy if you visit homes that have a lot of decorations on tables.

I’d hunt for some type of very sculptural wood chair, or something antique, or something rustic, to balance the very modern sleek lines in everything else. Something that is almost an art piece.

Great space with so much potential! Suggest searching modern on line rooms and any specific items you are considering. Save everything you like, as a plan will make it easier (for both short and long term additions) and take your time.

Some ideas: Wall next to stairs - keep it simple; off set opening with height/volume and leave wall empty.

Large vertical art on left of windows (will draw the eye away from toys as well) and on right, add a floor lamp and chair (as per Beverly’s suggestion).

Fill the gap on left of fireplace, creating a more impactful feature wall. Ideas: large art (and you can mix metals).

Shelving

Could paint black as well.

Accessorize below TV

Save/keep coffee table ideas, so you are ready when the time comes.

It seems like you have some really good pieces so far. We might just suggest you add some more seating via some chairs, add a plant in the open area by the staircase, and hang some great art over the fireplace. Notice, in the first picture, how we have a chair flanking the TV area and facing the other seating? This might work for your space.

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keep it classy 😎

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I do appreciate the minimalism. Not going to do another fireplace but I like the calmness of the room in your rendering.