Since its designation as a theater and arts district in 1992, North Hollywood, a.k.a. NoHo, has been the unofficial center of live performance in Los Angeles. Like its New York counterpart SoHo, the urban village bisected by Magnolia and Lankershim boulevards was built on a bohemian spirit that nurtured independent theaters (now numbering 22), indie art galleries, vintage shops, tattoo parlors and sidewalk cafes. But the arrival of the Red and Orange Metro lines has brought a wave of development to the neighborhood. Rising above the transit stops, the NoHo Commons, a three-phase housing and retail development, is nearing completion and promises to attract loft dwellers trolling for upscale dining and shopping. Pricey fashion boutiques have already begun to appear. But for now, NoHo maintains a very thespian character…