In World War 2, bombs could not be dropped with any degree of accuracy. You could send dozens of bombers to destroy a railyard and the railyard would suffer minor damage while the surrounding area would be filled with craters.
So basically, all of Paris would get hammered.
Don't get me wrong, i am well aware of the lack of accuracy of WW2 bombing. However this is not a question of accuracy, but one of capacity.
Germany simply lacked the strategic air force to level a city the size of Paris. Germany suffered from having a primarily tactical air force.
JU-87: accurate, but small payload.
Ju-88: Fast, but moderate payload at best.
He-111: moderate payload.
Do-17: Nickname the flying coffin. Need i say more?
ME-110: Zerstorer, heavy fighter, small bomb load.
The only 4 engine Bomber in German inventory was the FW-200 which had range and speed, but not an impressive payload.
I understand that you want Paris destroyed by a German Blitz in order to rebuild it, but with additional losses from being pushed back in Belgium the Luftwaffe simply lacked the capacity for large scale Bombing in 1940. That being said, this topic is not about a question IF the LW could destroy Paris, but how Paris would have been rebuild IF it had been destroyed.
If you like a new topic can be created specifically with the question if the Luftwaffe could do it or not.
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Edit: As for my opinion on the rebuilding process, i think Paris will be restored rather than rebuild.