Just did some more searching what do you guys think of the Orb Mod1 speakers for the fronts and rears?
I could get four of them for $480 (msrp).
IMO, they are not going to do justice to that space. Additionally, they aren't particularly good value for money.
Gov's Ascend 340 LCR listed in sale section
2x Ascend CMB-170 for surrounds
Onkyo 609 as recommended by Afterlife
2x
Premier Acoustic PA-150 - $450 each, but you can make them a lower offer
Since the total is slightly over budget, parse it over time and go in this order,
LCR + Receiver + One sub; Second sub; Surrounds
The final result will be well worth not going for a full setup at the onset.