We solve the problem of best approximation by Parseval frames to an arbitrary frame in a subspace of an infinite dimensional Hilbert space. We explicitly describe all the solutions and we give a criterion for uniqueness. Our proof relies on the geometric structure of the set of all Parseval frames quadratically close to a given frame. In the process we show that its connected components can be parametrized by using the notion of index of a pair of projections, and we prove existence and uniqueness results of best approximation by Parseval frames restricted to these connected components.