Valley Center, now the Chase Tower, under construction in 1972. At 483 feet, it remains the city's tallest building (Jeremy Butler photo).
The Republic recently ran a story to answer the question of why Phoenix lacks the skyscrapers that are one defining characteristic of other big cities. One of the problems of a place with so many newcomers is the loss of historical knowledge. So the story was, at best, incomplete.
The two big reasons given were automobile-based sprawl and a "polycentric" city with many cores. But both apply to other cities with much higher and more distinctive downtown skylines. Los Angeles comes to mind. It has "downtowns" in Century City, West LA, and Hollywood. It is a city built around the car, although it has rebuilt an extensive rail transit system.
But downtown LA, which is staging an astonishing comeback, is home to an impressive skyline. The Wilshire Grand, finished in 2017 and standing 1,100 feet with its spire is more than twice as tall as Phoenix's Chase Tower. The same is true of the U.S. Bank Tower, completed in 1989. About 28 skyscrapers there are taller than Chase.
Chicago, Dallas, Houston, and Charlotte have cheaper outlying land and sprawl, but each has a much more impressive skyline than Phoenix.
One big reason downtown Phoenix lacks taller buildings is its proximity to Sky Harbor International Airport. Valley National Bank wanted its new headquarters to be even taller, but the plan was quashed by the FAA. Sky Harbor is not much closer to downtown than Logan airport to downtown Boston, but Logan's runways primarily run southwest to northeast. In Phoenix, the runways are east-to-west and airplanes usually fly directly south of downtown. Gaining altitude means expending more jet fuel, especially in summer. And Sky Harbor has enormous influence at city hall. This has prevented doable towers at a higher number of floors at Third Avenue and Van Buren and further west.