Now that I think about it, nobody mentioned the magazine's name here... or anywhere else (I might be wrong).
The unseen64 page says that the magazine is from "Spanish N64 Magazine", and there actually was a Spanish magazine called "Magazine 64". I can't find it online, but the date and issue number unseen64 does line up with what's documented for the magazine (the article was supposedly from issue 19, July 1999 and the magazine's July 1999 issue was numbered issue 19). I did, however, find something else on the unseen64 page that gives an indication that this was indeed planned for the N64. Someone posted the official design documents for Grand Theft Auto, and it flat out says it was planned for the "Ultra 64". It really looks like it was something real that just was cancelled early into development.