Cut bread into 1" cubes; place half in a greased 13x9" baking dish. Cut cream cheese into 1" cubes; place over bread. Top with blueberries and remaining bread.
In a large bowl, beat eggs. Add milk and syrup; mix well. Pour over bread mixture. Cover and chill 8 hours or overnight.
Remove from refrigerator 30 minutes before baking. Cover and bake at 350�F for 30 minutes. Uncover, bake 25-30 minutes more or until golden brown and center is set.
In a saucepan, combine sugar and cornstarch; add water. Bring to a boil over medium heat; boil for 3 minutes, stirring constantly. Stir in blueberries; reduce heat. Simmer for 8-10 minutes or until berries have burst. Stir in butter until melted. Serve over French toast.