An engineering and research center for a new amphibious vehicle builder formally opened Friday in Auburn Hills.

New Zealand multi-millionaire Alan Gibbs said the 37,500-square-foot engineering center for Gibbs Technologies now employs 83 "but will hit 120" soon.

Gibbs previewed two of his company's first three vehicles before an audience of press and politicians.

The first Gibbs vehicle to hit the market -- sometime next year -- will be the Quadski, a combination four-wheel off-road vehicle and jet ski. It will reach 40 mph on both land and water.

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Next, in 2010, will come the Aquada, a three-seat convertible sports car powered by a 175-hp six-cylinder engine that will do 110 mph on the highway -- but drive it into the water and it transforms into a 40-mph speedboat that can tow a skier.

"Push a button on the dash panel and drive straight into the water -- and you can drive into the water at 10 or 15 miles an hour -- and everything's automatic," said Gibbs, the company's CTO. The vehicle's wheels will automatically retract into the body when sensors detect the water's deep enough, and power will be diverted automatically from the wheels to a jetboat drive.

Gibbs is also working on a third vehicle, now jokingly called the "Humdinger" in homage to the Humvee. It's a large, Humvee-styled truck intended for the military and civilian first responders that will go 40 mph in the water as well.

In all, Gibbs said, the company is working nine vehicle designs using amphibious vehicle technology protected by 75 patents.

Gibbs, 69, made his fortune in New Zealand at first selling cars -- then he became a merchant banker and participated in the privatization of New Zealand's phone system. He said he came up for the idea of the Aquada because he lives on a large farm on the New Zealand coast where "the tide goes out a mile," and there wasn't a good way to put a boat in the water to go fishing.

When you're worth $450 million, it seems, you can spend some serious money solving that problem. After unsuccessful experiments with hovercraft and a wheeled catamaran boat, the result was the original Aquada design.

The car was actually designed in metro Detroit in the mid-1990s, with the assistance of a study from specialty vehicle maker Lotus. Then the company's R&D shifted to the United Kingdom with the operations of chairman Neil Jenkins, whom Gibbs said had really advanced ideas in amphibious vehicles.

The company decided to come back to the Detroit area as production grew nearer, Gibbs said, "for a simple reason -- you people know about cars."

Gibbs and Jenkins said the company hasn't yet decided where the vehicles will be produced, except that it will be in the United States.

“There are several states, including Michigan, still under consideration for our future manufacturing operations,” Jenkins said in a statement. “Key factors include proximity to our suppliers and the availability of state and local incentives.”

Jenkins also said the company is interested in hearing from potential suppliers.

And Gibbs said he figures most of the vehicles will be sold in the U.S. because "you have a lot of water, you have a lot of money, you have a lot of people and you like toys."

Pricing for the vehicle wasn't disclosed, but Gibbs said it shouldn't be much more than other small-run specialty vehicles.

A 10-year, $5.9-million tax credit approved earlier this year by the Michigan Economic Development Corp. paved the way for Gibbs’ move to Auburn Hills.

Gibbs awarded a million-dollar engineering contract to Saleen Inc. six months ago to support the production engineering of its high-speed amphibians for consumer use. Gibbs also is developing military applications for its technology under an agreement with Lockheed Martin (NYSE: LMT).

More at www.gibbstech.com.