I would either do just the top and leave the structure showing if it is a bit industrial for the space or completely cover in wood and I would not use the same wood for top and bottom by the time you veneer the plywood you could get the same wood.

you are thinking about the space right now. it looks odd, no doubt. 1) when you fill in with the furniture, just make sure the three steps are hidden. 2) consider three potted plants of different height, so the rectangle is complete. 3) glass bowl with Siamese fighting fish for each step 4) figurines of different heights 5) 2inch square wooden bar on each step up to the top of the rectangle. and complete the entire rectangle if you want with a smaller rectangle open in the center my suggestion is, there is a reason why this space ended up like this. it will look great once you put something there. things like these are what make your house unique.

Well this is quirkiest query around :) Yes, stairs do add a lot of character to any area. And this plan will make your home the topic of conversation in the neighbourhood . BUT, it will take away a lot of floor space so unless your living area is X-large and ceiling is higher than 11 ft do not make this in your living. A regular 9+ ceiling will show up that the stairs leads to no where...If you still want to do it..then do it in some thing temporary like wood so that when you realise it's not right ..you can part with it easily.. Otherwise, you can have a kids bed mounted on the ceiling and have stairs built to reach that... Thanks Amit Cornerstone Designs Bangalore

You could integrate a single automated mechanical chair System on to the side of the railing which the Elders could use with ease. And you don't have to modify the existing staircase. And I can technically give you a working solution if you are interested. Contact 8073342913