Not sure what your "open concept" space allows, but I can suggest a few things from my experience. We are fortunate to have a semi-dedicated but all-purpose family room that can be darkened with shades for projection TV. We use a 105" inch retractable screen and a Sony 4K Laser projector. The picture is great, but the decent sound system makes it even better. We use Apple TV > pre/processor > 5-channel surround amp > subwoofer. rear channel speakers are flush in the ceiling, basically invisible. Center channel is not visible but concealed in fabric-fronted cabinet below the screen.
Since you are apparently still working on your renovation, now is the time to install good sound equipment and discrete wiring. I also recommend soundproofing your room. We used RockWool brand insulation in all walls and ceiling. This makes a nice difference and allows others not in the home theater to carry on without distraction.
Good luck with your project.