Yes, I think you could build this with Hype. Do you have a list of requirements for this magazine or do you want to replicate all features on the linked magazine?
One thing that is not possible (in Hype, at least) is to scale the size of the magazine responsively (and proportionally) as the browser window shrinks. If you are publishing to an iOS device, that’s another story, and a framework like the Baker framework is much better suited to that type of publication.