Add the mussels to a colander rinse the mussels under cold water. Gently scrub off any debris and remove the beard. Discard any open, dead mussels.
Heat a pan over medium heat. Pour in the olive oil then add in the garlic and shallot. Sauté for 2 minutes until the shallot turns translucent. Mix in the red pepper flakes, dried basil, and tomato paste. Cook for 4-5 minutes until the tomato paste darkens to a reddish brown color.
Pour in the chicken broth and mix until the sauce is combined. Add in the mussels. Increase the heat to medium high and heat until the sauce starts bubbling. Reduce the heat to medium low. Cover the pot with a lid and steam for 8-10 minutes, mixing halfway through, until all of the mussels have opened.
Mix in the heavy cream, parmesan, butter, salt pepper, and basil. Remove the pot from heat and serve with toasted bread on the side. Enjoy!