Dynamic server host based on project folder

Is it possible to configure a server in PHP Storm to have a dynamic host based on the project I'm working on?

For example:

Currently working in the project folder: "amb"

The local server host for this project is: "http://amb.php71.localhost"

So basically what I want to achieve is to configure a project: "http://<project_folder>.php71.localhost" is this somehow possible?