It was a long process of debating on making it a bar, replacing drywall, adding extra supports in the wall, putting a new top on it, painting, etc. In the end, we decided we didn't have enough room to make it a bar area.
This is what it looked like up until a few days ago:
The top piece just didn't look finished o me since it was so thin in comparison to the chair rail and baseboard. So I decided to buy some trim and make it look more substantial. I still have to caulk and paint it, but you can't really tell that from the pictures so I decided to go ahead and post them: