Drink specials is a huge key to get people in the door at night. "all you can drink" specials, cheap drinks call drinks, etc. Another thing, don't have the rail liquors be cheap garbage, at least use some mid-level stuff that is bearable to drink without destroying your throat. As for cover charge, those don't seem to fly in the Duluth/Superior area too well so keep it low....like $1 (I am serious). Its also a great idea to have people handing out free passes/free drink cards on the sidewalks to get passersby to check it out. You definitely want to have a large dancefloor with a good DJ (not just Top 40, play some more obscure stuff too). Mixing in some house music and techno never hurts.
The place we frequent the most Downtown is definitely Barfly, its a pretty good crowd, nice atmosphere, and good drink specials (generally something going on most nights). We also hit the Annex too, but besides for their "all you can drink" special for 1 hour, that place is nothing special.
Is this the old Odyssey building? do it up right and you'll shut down Whoregate
If you want some help with designing or bar stuff just let me know and I can lend a hand.