Looking that up, it is a 56Y frame and has a total hp of 1.65, so those are the things you need to match.
I would say your choices if you want to stay with a single speed are to replace it with the same motor (I see it for $162 on amazon). Or you could upgrade to the "E-Plus Energy Efficient" series B2841V1. I see that on sale now at for $199 at inyopools.com. I'm not quite sure how to calculate the payback time for the efficient option, but I am pretty sure it would pay for itself in electric cost savings over it's lifetime. I ended up going with a EE 2-speed motor to replace on our single speed Whisperflow, but haven't quite figured out how to take advantage of the low speed on a day to day basis yet since we don't have automation. I will be figuring that out this summer.
Searching around for Pentair motor replacements I think what you found in the $220 range was a Century BPA450V1? As far as I can tell that would also be considered energy efficient, but I don't know what the difference is compared to the B2841V1 if any other than case color, the specs all look the same to me. Maybe an expert here will jump in and clarify.