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Melt the butter in a Dutch oven or pot. Add the diced shallot and jalapeños. Cook on low-medium heat for about 4 minutes. You want the jalapeño to be tender.
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Stir in the corn, along with about half of the corn water in the cans. Add 1/2 teaspoon of the salt and 1/2 a teaspoon of sugar. Cook for about 30 minutes, or until the liquid thickens. Make sure to stir periodically.
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Sprinkle the corn starch over the corn. Cook for 2 more minutes.
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Pour in the cream. Stirring frequently, continue cooking until the mixture thickens. This will take about 6 to 7 minutes. Add 1/2 a teaspoon of salt.
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Stir in the cream cheese. Cook until the cheese has incorporates smoothly into the sauce.
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Sprinkle the Parmesan cheese on top. Bake in a preheated oven at 350 degrees Fahrenheit for 10 minutes, or until hot and bubbly.
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Alternatively, at this point you can transfer the corn to an oven safe baking dish and top it with the Parmesan cheese. You can proceed to make it, or store it in the refrigerator (covered with non stick foil) until you are ready to bake it (up to 2 days is recommended). When you are ready, take the dish out of the refrigerator at least half an hour before baking it.