Absolute cheapest way to get CLOSE to that would be:
Intercooler ($350), high flow filter ($45), and Cobb AP ($400 used, $500 new) with E30 tune ($75) . That will basically max out the OEM turbo around 220hp-ish (depends on dyno). You would see gains of about 40hp over stock for roughly $900, less if you source used parts.
If you want anything more than that you're going to have to upgrade the OEM turbo. It runs out of steam around 5500rpm.
IS that 220HP at the crank, or the wheel?
I'm sure that the downpipe matters, at 7k RPM.
But for me, I hardly ever reach those RPM ranges.
Just some 2-5k RPM torque boost would be good enough for me!
E30 is harder to get here.
I can get 91 octane, and E15 easily.
But it would be nice if the car could still drive on 87 octane fuel after the tune.