Thanks for all the replies. There were some great ideas.
I'm lucky though. My talented hubby found some particle board in the basement and set to work building for me. He's essentially making a cube - 36" high, 24" deep and 48" long with one shelf inside. I'll plop my 2' x 4' piece of wood right on top because it's the perfect size for me and my space. He's going to put the whole thing on casters so we can move it to access the drawers occasionally. We will have locking casters in the front. Because he's being so nice about this, I told him he can use all the newly created storage space for his tools. Heaven knows if I get that space, I'll just acquire more unneeded fabric!